The Real Estate Institute of Victoria (REIV) is calling for full sales price disclosure, standardised residential sales contracts, identity verification of buyers and sellers and the same price estimation standards that apply to Estate Agents, to be enforced for all residential sales.
The Real Estate Institute of Victoria (REIV) is calling for full sales price disclosure, standardised residential sales contracts, identity verification of buyers and sellers and the same price estimation standards that apply to Estate Agents, to be enforced for all residential sales.
The recommendations form part of a broader suite of recommendations that would ensure fairness and transparency for vendors, buyers, and Estate Agents alike.
They form part of REIV’s submission to Consumer Affairs Victoria’s 2022 Property Market Review that seeks to address the issue of affordability of property, and other barriers facing those wishing to enter the market in Victoria.
REIV President Adam Docking said, “REIV recommendations aim to ensure efficient, informed, and transparent residential property transactions, a fairer housing market, and better pricing transparency.
“These changes would go a long way in supporting the Victorians in their real estate aspirations and ensure that consumers receive well-informed, professional advice from their agent”.
REIV’s 10 key recommendations include:
In forming its response, REIV consulted its special interest groups focused on the sale of residential property, auctioneering and buyer advocacy, ensuring input from particularly relevant specialisms within the REIV membership.
REIV CEO Quentin Kilian said that REIV wants to work with government to ensure the swift adoption of its recommendations.
“REIV strives to work with government collaboratively, to ensure that informed regulatory policy is developed so that everyone in the sector including, buyers, vendors, and Estate Agents have a fair and transparent system”, he said.