Off the plan sector under review by Consumer Affairs Victoria

The review will also cover whether real estate agents have the skills, education and expertise they need to maintain good industry practice
Off the plan sector under review by Consumer Affairs Victoria
Jonathan ChancellorFebruary 13, 2022

The Victorian government has announced a review of laws applying to the property industry.

The review will look at off-the-plan sales, the weekend announcement advised.

Buyers will be able to give feedback when the department posts its survey at www.engage.vic.gov.au/property-market-review

It will also look at auction price underquoting which were last reformed in 2016 when all auction properties listed for sale needed to advertise a price guide and list recent comparable sales.

The review will be conducted by former Real Estate Institute of Victoria chief executive Enzo Raimondo with others on the panel including reform expert Claire Noone from Nous Group, and former co-chief executive of the Consumer Action Law Centre Carolyn Bond.

Amid heightened affordability concerns, the Consumer Affairs minister Melissa Horne said it was "important to make sure our laws are still best practice.”

It follows some 383 complaints about potential underquoting being lodged with Consumer Affairs Victoria between February and April last year.

Its inspectors visited 29 agency offices in May and found 17 had flouted underquoting laws, triggering more than $300,000 in fines.

The review will look at upfront costs for buyers along with whether real estate agents have the skills, education and expertise they need to maintain good industry practice.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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