The Real Estate Institute of Victoria (REIV) laid out 10 recommendations to boost the transparency and fairness of all residential property transactions in Victoria.

The recommendations were part of the REIV’s submission to Consumer Affairs Victoria’s 2022 Property Market Review, which seeks to address issues concerning affordability and market barriers.

REIV president Adam Docking said the goal of these recommendations is to ensure efficient, informed, and transparent residential property transactions, a fairer housing market, and better pricing transparency.

“These changes would go a long way in supporting the Victorians in their real estate aspirations and ensure that consumers receive well-informed, professional advice from their agent,” he said.

The 10 recommendations include:

  1. Enhancement of the Statement of Information to ensure evidence-based pricing for all residential properties.
  2. Mandatory ongoing professional development for estate agents and agent representatives.
  3. Compulsory registration of all bidders at auctions and identity verification of vendors and buyers involved in a residential sale.
  4. Adoption of an industry-wide standard for listing material facts, where buyers identify what is material to them.
  5. Full disclosure of the sale price for all residential sales once a contract becomes unconditional.
  6. Adoption of a standardised contract for the sale of all residential real estate.
  7. Property to be offered for public sale once supporting documentation has been completed.
  8. Ensure the sale of all new residential real estate is bound by the same price disclosure regulations as required of real estate agents.
  9. Review the Residential Tenancies Act to address housing availability issues.
  10. Reform the current property tax regime which contributes to the high cost of changing properties and continues to be a stumbling block for many buyers.

REIV consulted special interest groups focused on residential property, auctioneering, and buyer advocacy in coming up with these recommendations.

REIV CEO Quentin Kilian said the group is willing to work with the state government to ensure the immediate adoption of these policy recommendations.

“REIV strives to work with government collaboratively, to ensure that informed regulatory policy is developed so that everyone in the sector including, buyers, vendors, and estate agents have a fair and transparent system,” he said.

Photo by @dmosipenko on Unsplash