REIV seeks full disclosure of sale price as part of real estate market review

The Real Estate Institute of Victoria (REIV) called for full disclosure of sales prices, standardized residential sales contracts, and a review of the Residential Tenancies Act to address housing availability issues.

The recommendations are part of REIV’s submission to Consumer Affairs Victoria’s 2022 Property Market Review, which examines property affordability, legislation, estate agent practices and other barriers faced by those wishing to enter. on the market.

The REIV has 10 key recommendations that address fairness and transparency for sellers, buyers and the agents themselves.

They include full disclosure of sale prices for all residential sales once a contract becomes unconditional, adoption of a standardized contract for the sale of all residential real estate, and revision of the RTA to meet availability. housing.

“REIV’s recommendations are intended to ensure efficient, informed and transparent residential real estate transactions, a fairer housing market and improved price transparency,” said REIV President Adam Docking.

“These changes would go a long way to supporting Victorians in their property aspirations and ensuring consumers receive professional and knowledgeable advice from their agent.”

Other recommendations include improving information reporting to ensure evidence-based pricing for all residential properties, mandatory continuing professional development for agents and agent representatives, mandatory registration of all bidders auctions and verifying the identity of sellers and buyers in residential sales.

Mr Docking said the REIV had also called for the adoption of an industry-wide standard to list material facts, where buyers identify what is important to them, and for the sale of all new residential real estate is bound by the same price disclosure regulations. than those required of real estate agents.

The REIV also wants a public sale of the property once the supporting documents have been completed and a reform of the current tax system, which contributes to the high cost of changing ownership and continues to be a stumbling block for many buyers.

REIV chief executive Quentin Kilian said the REIV wanted to work with the Victorian government to quickly implement its recommendations.

“REIV strives to work collaboratively with government to ensure informed regulatory policy is developed so that all players in the industry, including buyers, sellers and estate agents, have a fair system. and transparent,” he said.

Submissions for the review are complete and a final report will be delivered to the government at the end of April.

Penny D. Jackson