Changes to Victorian price quoting

Discussion in 'The Buying & Selling Process' started by Lisa Parker, 4th Mar, 2016.

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  1. Lisa Parker

    Lisa Parker Well-Known Member

    24th Jun, 2015
    see below for changes in how selling agents must quote prices for Melbourne real estate

    The Government has today announced changes to legislation related to price quoting.

    The changes include:
    -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 selling price
    -The revision of the property's estimated selling price - when an offer is received in writing, that is higher than the current advertised or estimated price
    -No 'offers over' or 'price-plus' advertising to buyers - with the selling price provided as either a single price, or a price range (which must fall within 10 per cent of the upper and lower end).

    The REIV will be providing more detailed information on these changes in coming weeks