Good News In Victoria

Since our inception in 1994, we have fearlessly stood up for consumers, particularly in property. In 1999 we presented some simple steps that could have been introduced to protect property buyers from real estate agents who are legally required to get the highest price off buyers.

Our suggestions were swept under the carpet in 1999 as we were outnumbered by real estate agents and valuers on the committee.

That is the bad news, but there is good news.

Real estate agents in Victoria are expected to be under a legal obligation to publish indicative selling prices on listings under changes to be introduced during the upcoming year. Under these new laws agents must provide prospective buyers with market analysis including three recent comparable sales, an indicative selling price and the median price for the suburb.

Well done Victoria. This is half of the recommendations we put forward in 1999 and to subsequent federal inquiries as well.

We went a bit further to protect property investors by requiring the same information be supplied in relation to the rental market. Too many property investors buy believing the rent will be "X" under a verbal promise from the agent, only to find out it is substantially less when it came time to find a renter.

So congratulations Victoria, a tiny step in the right direction. Or do we call it a giant step in the right direction hopefully followed by the rest of Australia.

Regards

Kevin Young Property Club Founder