Victoria’s real estate industry has been placed under greater scrutiny, after the state government announced a review of underquoting laws, off-the-plan sales and agent conduct.
The review comes amid heightened affordability concerns due to rapid rises in property prices. So the public is being encouraged to have their say on how the current laws can be improved to create a property market that’s more accessible for everyone.
There will be a range of opportunities for Victorians and stakeholders to share their experiences and perspectives, including via:
- Online submissions and forums
- Targeted workshops
- Interviews
- Small group consultations
The review will also look at the upfront costs for buyers to enter the market, as well as whether real estate agents have the skills, education and expertise they need to maintain good industry practice.
Victoria’s Minister for Consumer Affairs, Gaming and Liquor Regulation, Melissa Horne, said it was important that both buyers and vendors experience fairness in property pricing and the services they receive.
“There has been considerable change in the property market, and this review will ensure our laws are best supporting Victorians to have the fair and easy access to the housing market they deserve,” Ms Horne said.
“I encourage all Victorians to have their say on how the current consumer laws can be improved to create a property market that is fairer for Victorians.”
The review will be conducted by former Real Estate Institute of Victoria chief executive Enzo Raimondo.
Freya Southwell is a property lawyer at Sutton Laurence King Lawyers.
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