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Buyers to benefit from new legislation

By Staff Reporter
Victorian property law
1

Proposed changes to one state’s property laws announced yesterday will be a “significant step forward” for buyers looking to acquire property.

The proposed changes to Estate Agents Act 1980 in Victoria centre around price quoting and market transparency, with the Real Estate Institute of Victoria (REIV) CEO Geoff White saying there will be more consistency in pricing and in the information provided to both vendors and buyers. 

The changes include a requirement to revise the property’s estimated selling price if the agent receives an offer in writing that is higher than the current advertised or estimated price and a ban on “offers over” and “price-plus” advertising to buyers. In this instance, the selling price must be either a single price, or a price range which must fall within 10 per cent of the upper and lower end.

In addition, the new legislation requires the delivery of a new fact sheet for buyers, which will include recent comparable sales for a property, the median price for the suburb and the agent’s estimated sale price for the property.

The changes will apply to residential auctions and private sales.

Mr White said the reforms would be effective in a variety of market conditions, and for all stakeholders in property transactions.

If passed by Parliament, the new laws will commence next year.

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