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The Victorian Government has announced welcome changes to price quoting regulations. The March announcement will bring further transparency and consistency to all property transactions.

The changes include:

• The revision of the property’s estimated selling price – if the agent receives an offer, in writing, that is higher than the current advertised or estimated price;

• Delivery of a new fact sheet for buyers, which will include recent comparable sales for a property, the median price for the suburb and, most importantly, the agent’s estimated sale price for the property;

• No “offers over” or “price-plus” advertising to buyers – with the selling price only provided as either a single price, or a price range (which must fall within 10 per cent of the upper and lower end).

The changes will apply to residential private sales and auctions but not rural or commercial sales. The REIV says the reforms were the result of a collaborative approach by the REIV and the Office of the Minister for Consumer Affairs and will benefit everyone involved in property transactions.

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