Looking for your dream home can be an exciting process. But rising house prices and fierce competition in the property market can also make it frustrating and often overwhelming.
If you are tired of seeing ‘Contact Agent’ or ‘POA’ on property listings and being outbid at auctions, new underquoting laws introduced earlier this year mean agents must give you a clearer estimate of the price so you can have a fair go in an open and transparent property market.
Over the next month we will be running an education campaign to raise awareness of the new laws and help home buyers understand the complexities of real estate price advertising.
A key component of the new laws is the introduction of the Statement of Information, which agents must provide for every residential property they sell. The Statement of Information includes an indicative selling price, three comparable property sales, and the median price for the town or suburb.
The Statement of Information is an important resource for any home buyer and is the first thing you should check once you have found a property you like. It will help you work out the likely selling price and help you decide if you are spending valuable time and effort on a property you have a realistic chance at and can afford.
The new laws also bring in tighter controls on how the price can be advertised and tougher penalties for agents who underquote.
Earlier this year, we educated estate agents about the new underquoting laws in order to reduce its occurrence and increase compliance, and we continually monitor estate agencies to ensure they are complying with our laws.
For more information on the underquoting laws, view our Understanding underquoting page.
To find a list of our recent underquoting outcomes and for information on how you can report underquoting, view our Understanding property prices page.