Victoria

Campaign to protect home buyers against underquoting

A new campaign will ensure prospective homebuyers know their rights under strict new underquoting laws introduced by the Government to protect Victorians.

Premier Daniel Andrews joined Minister for Consumer Affairs, Gaming and Liquor Regulation Marlene Kairouz in Fairfield to launch a new Underquoting Consumer Education Campaign.

The campaign will run across radio, social media and on major real estate websites, ensuring people know their rights and read the Statements of Information during the busy Spring 2017 auction season.

The Statement of Information provides an indicative selling price and three comparable property sales that take into account the standard, condition and location of the properties and dates of sale.

Agents must also update pricing information for any changes in market trends and seller expectations, advertise a single price or a price range up to 10 per cent, and not use qualifying words or symbols like “from” or “or above”.

The consumer education campaign follows two years of action from Consumer Affairs Victoria, which has led to six court/tribunal cases and more than $285,000 in enforceable undertakings from real estate agents.

The campaign is part of a suite of reforms to boost housing affordability in Victoria, including the abolition of stamp duty for first home buyers on new and existing properties valued below $600,000.

More than 4,300 people have bought their first home since the Government’s ground-breaking housing affordability reforms came into effect on 1 July 2017. More than 3,700 of these paid no stamp duty and 624 paid less than they otherwise would have – saving first home buyers more than $76 million in total.

The Government is also making renting fair. Its unprecedented package of reforms will give tenants more rights, allow for longer leases, make bonds smaller and fairer, and crack down on dodgy landlords and agents.

Source: Vic Government