pricing laws

The laws governing how agents must quote residential properties for sale in Victoria will change this week on May 1. The Victorian government, following consultation with both the Real Estate Institute of Victoria and the general public, is changing how properties can be advertised and promoted for sale.

All agents will now have to provide a single figure or a 10 per cent price range on every property for sale, regardless if the property is offered via private sale or auction. If an offer is received in writing that is higher than the advertised price, the property’s estimated selling price will have to be updated within 24 hours.

Prospective purchasers will also be provided with a ‘Statement of Information’ fact sheet for any advertised property detailing three recent comparable sales, the estimated selling price of the home and the median price for the suburb.

Lucas Sales Director, Chris Henson, is excited by these changes, stating “they will bring greater transparency and consistency to the sale process. Our team has been the local market leaders in providing thorough information to buyers and vendors, helping them make informed decisions in an ever-changing property market. It’s fantastic the government is now supporting greater transparency across the industry. Providing additional information to buyers will help them be able to buy more easily and with greater confidence.”

Lucas look forward to continuing to keep you abreast of all changes that affect property buyers and sellers. To find out more about the local property market or current buying conditions, contact our award-winning team on 03 9091 1400.