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The Law on Disclosure

PPG_Blog_October_image 3_Laws of disclosure

Ever wondered why you can find out the sale price of some properties but not others? Recent commentary made by Real Estate Institute of Victoria’s chief executive Enzo Raimondo describes how there are laws in place protecting people’s privacy when they do not want to disclose the sale price of their home.

Mr Raimondo says that the law on disclosure is very straight forward. “If a sale is conducted by public auction, the sale price and address are published. If the property sells privately, then the sale price and address without the street number are published. 75% of real estate sales across Melbourne are sold privately.”

However, in all circumstances disclosure laws allow vendors the right to request that the sale details not be published. This can sometimes seem futile, especially in the case of a public auction when attendees can see the outcome first hand. But it is still the sellers right, and that right is protected by law.

Thankfully, says Mr Raimondo, most people do choose to share sale prices, which can only be a positive thing. Understanding recent sales within a suburb or city is a helpful tool for other future buyers and sellers. It also provides valuable figures for historical purposes and for those people simply interested in market trends and how they change overtime

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