Understanding Recent Changes in Victorian Property Pricing Laws.
Recently, Victoria made changes to their property pricing laws. These laws are intended to stop the underquoting that causes some buyers to get their hearts broken when they are led to believe they can afford a property that eventually sells for MUCH more than the estimated sale price.
In short, to comply with the new underquoting laws you must use a single number price (eg: $500,000) or a price range of up to 10% (eg: $500,000 – $550,000) or you can put no price at all.
So, if you want to sell your property for say $500,000 you can show your price on your ad as:
(1) $500,000 or
(2) $500,000 – $550,000 or
(3) no price at all.
You can’t put any qualifying words such as “offers over…” or “+”, etc.
Further information on this and other helpful information can be found on Victoria Government’s Consumer Affairs website:
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