Price Guides

<html><body><div class="page" title="Page 5">
<div class="section">
<div class="layoutArea">
<div class="column">
The most popular price range for locals upgrading in Sydney for the year ending 30 June is between $1 million and $2 million, according to Herron Todd White.
Herron Todd White's October Month in Review said the inner west suburbs of Newtown, Erskineville and Dulwich Hill are very strong with plenty of sales activity in new unit developments with units starting from around $1 million.
"Homes priced between $1 million and $1.5 million within close proximity to infrastructure are attracting a lot of attention, with single level 2-bedroom Victorian terraces (with no parking) and two storey terraces are the main style of dwelling in this price range. 
"Eastern suburbs such as Bondi, Bondi Junction and Double Bay continued to provide strong auction results for homes and units alike.
"An example of a strong result within the year is a modern 5-bedroom project home in the southern suburb of Como recently selling at auction for an astonishing $1.8 million. This home was previously sold in March 2014 for $1.355 million, so this was a tidy profit. Local agents attribute the increase to the mere convenience of move in and enjoy with absolutely no work required."
</div>
</div>
</div>
</div></body></html>

mick.cee-iDmgDDAmu8

Sydney locals love sub $2 million price bracket: Herron Todd White

<html><body>
Capital city home values in Melbourne have dipped 0.6% this week compared to last, according to figures released by CoreLogic RP Data.
Sydney values have increased 0.5% when compared to last week, amounting to a monthly change of 1.9%, a year to date change of 14% and an annual change of 18.1%
Home values in Brisbane remained flat, Adelaide increased 0.3% and Perth values fell 0.4%.
<a href="/images/2015/08/24/Screen%20Shot%202015-08-24%20at%203.07.37%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/24/Screen%20Shot%202015-08-24%20at%203.07.37%20PM.png" alt="">
 
<a href="/images/2015/08/24/Screen%20Shot%202015-08-24%20at%203.07.45%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/24/Screen%20Shot%202015-08-24%20at%203.07.45%20PM.png" alt="">
</body></html>

Melbourne home values dip 0.6% this week: CoreLogic RP Data

<html><body>
Queensland’s new real estate laws are now in place, despite much pushback from property industry members across the country.
The Queensland Property Occupations Act, passed through Parliament in May, will bring many changes to the property scene in Queensland. Most notably, price guides for properties going to auction are now outlawed.
Not only were the <a href="https://www.pertyobserver.com.au/finding/location/nsw/29164-reis-go-head-to-head-over-queensland-auction-price-guide-debate" target="_blank">Real Estate Institutes head-to-head over the issue</a>, but estate agent <a href="/news/qld/29009-queensland-auction-price-guide-ban-defies-common-sense-john-mcgrath" target="_blank">John McGrath called it “dark days” for the industry</a>.
Harcourts Queensland chief auctioneer Mitch Peereboom doesn’t expect any great changes to his role.
“The price guide obviously is the biggest issue, but ultimately in my role the impact of the price guide will be minimal because auction’s about having no price and the buyers determining the market place,” said Peereboom.
“The seller gets the transparency and determination from the buyers and the buyers get transparency as they are able to come forth with their best offer of what they believe the property is worth without any inhibiting from the seller in terms of what they are looking for.”
In fact, he notes that more buyers will inspect because there is no market price.
The Real Estate Institute of Queensland’s CEO Antonia Mercorella said that the rules are about cutting red tape, simplifying transactions and increasing transparency. The REIQ has been supportive of the laws.
“It’s been a long time coming, but it’s been worth the wait for these new laws,” Mercorella said.
“They’re specifically tailored to the realities of the modern real estate profession and will make life much easier for agents and consumers. The laws eliminate a lot of costly paperwork that’s been hampering agents and they feature practical reforms which will simplify real estate transactions in Queensland.”
She pointed to other key changes including the replacement of seven separate agent appointment forms with one, removing requirement for the agents to disclose to a buyer the commission they are receiving from the seller, extending the statutory limit on lengths of appointments for a sole exclusive agency from 60 days to 90 days, deregulating maximum commissions for sales and property management, and losing the requirement for a separate Form 30 Warning Statement.
<a href="/news/36983-bid-for-home-online-on-new-property-listings-website" target="_blank">Online auctioning platform ExchangeHouse</a> has also called the new laws beneficial for the industry, with director Mark Jamieson saying that the government "clearly" wants to limit subjective and opinionated price guides and information that could mislead.
"It is possible for real estate agents to provide objective, meaningful and accurate information to buyers, within the new act’s guidelines. It is all about the auction process and framework," said Jamieson.
“Our innovative online auction methodology requires the vendor to set a reserve price for their property upfront. The reserve is never disclosed to the market and is used to determine where bidding will start which is a first for the industry. Agents no longer need to provide a price guide under the ExchangeHouse method. Buyers can confidently inspect properties knowing where bidding is due to start well before bidding opens," he said.
“This method will bring greater transparency and efficiency around the property transaction process for agents, sellers and buyers. We believe it works within the new legislation and achieves the government’s goals of reducing red tape and misguided information.”
Other industry experts notably speaking out against the ban include News Corp commentator <a href="/news/qld/37607-queensland-s-auction-price-guidance-ban-legislation-is-madness-andrew-winter" target="_blank">Andrew Winter (who has called it 'madness’)</a>, the <a href="/expert-insights/buying/30778-coercion-will-be-rife-under-new-queensland-price-guide-laws-rebaa" target="_blank">Real Estate Buyer's Association of Australia</a> and <a href="/expert-insights/investing/30785-reinsw-s-malcolm-gunning-supports-early-publishing-of-reserve-prices" target="_blank">REINSW' Malcolm Gunning</a>.
</body></html>

jduke-EHk3XBmHkn

Price guide ban now in place for Queensland auctions

<html><body>
When property purchasers, especially first home buyers, look to purchase one of the first things they do is head to a listings website and search for homes within their price range.
However, relying on these listed price guides, or the verbal guides you are given from agents, isn’t always going to be the best option for purchasers. In fact, it really does pay to do your own research to determine how much you may be expected to pay.
From Monday, price guides for properties going to auction in <a href="/news/nsw/29164-reis-go-head-to-head-over-queensland-auction-price-guide-debate" target="_blank">Queensland will be outlawed across the state</a>. Across New South Wales and Victoria, the <a href="/expert-insights/investing/38236-victorian-election-real-estate-dramas-underquoting-and-election-stunts" target="_blank">underquoting argument continues unabated</a>.
If you’re voting in the Victorian elections, you may be aware of the current suggested improvements to stamp out underquoting.
The best way to work out what you are likely to pay for a property, and to stop yourself overspending, is to look to the comparables.
Understand the difference between a valuation, an appraisal and your own analysis using comparables. Here are <a href="/expert-insights/30008-valuations-must-know-facts-how-much-your-home-is-worth" target="_blank">five things to know about valuations</a>.
When looking at comparables, the first thing to remember is that comparable sales are far more useful than comparable listings. This is particularly the case if you believe that underquoting is hefty in your area, or if you’re not given a price guide. Look for recent sales data alike to the property you’re considering and use these as your guide.
Real estate agents’ comparables
When you speak to the agent selling the property, it’s likely that they will be able to provide you with the comparable sales to justify the price they have put onto this home. At first glance, these will most often appear to make sense.
To find out whether the price is too bullish or bearish, you will need to research into recent sales in the area. We’ll cover that in the next section below. However, to quickly ascertain whether that sales price is likely, you want to ensure that you are actually being presented with fair comparables.
Firstly, ensure the sales were recent. If they weren’t in the past few months, and you’re in a busy area, then you want to know why there haven’t been any more recent examples. Don’t be afraid to ask – there may be a good reason for it, particularly if you’re buying something unusual or on a tightly held street.
Then, double check that the main features are the same. Both three bedrooms? Both three bathrooms? Same block size? Both offer a double car garage? If not, then you want to adjust the price expectation for the home you’re looking at accordingly. If an agent has provided a two bedroom home as a comparable to a three bedroom, they may be using it to rightly justify the higher price they’re expecting, but certainly do double check the comparables.
Then check the location. It may even be worth driving past the “comparable” if possible to figure out whether it is actually on par with this home.
Ensuring it’s a true comparable
Not all comparables are as useful as others. Some are similar in size, but in an inferior position, to the property you want to buy. Others may have three bedrooms rather than four. Collecting data allows you to see roughly where your prospective home will fit into the picture.
If the house next door was identical, on an identical block, and sold for $650,000 yesterday, you would likely be correct to expect a similar result for this property. However, if your block was smaller, you'd be right to potentially revise your expectations downwards.
There are comparable sales and then there are non-comparable sales carefully masquerading themselves as equal four bedroom, two bathroom houses in the same suburb.
If you have an intimate knowledge of a suburb and the properties within it, you are more likely to know what properties are truly comparable. However, this also requires being honest with yourself.
Create a list of the features of the property you’re considering. Note building material, block size, era, slope of the land, aspect, views, number of bathrooms and bedrooms (be honest about whether that fourth bedroom is actually an office), renovations that have occurred and the quality of the finishes and other aspects. This gives you a personal starting point to assessing, on paper, what it may be worth and will help turn it into a scientific approach.
To make things simple: If you are looking to buy a renovated house, do not expect it to be the same price as the unrenovated property you watched sell last week.
Also, do not expect the same factors to cause the same change in achievable price across all suburbs. While in some areas the addition of a pool may add a substantial sum to the value of your property, in other areas it is just an expectation that the property comes with one.
<a href="/expert-insights/investing/20033-spare-book-observer-patrick-bright" target="_blank">Buyer’s agent Patrick Bright urges that you should consider 100 properties</a> during the research phase. As with all data, the lower your sample, the less accurate it will be.
“Set aside some time and start inspecting properties in your top three suburbs that match your wish list. A comparative market analysis compares homes that are similar in size, configuration, condition, and location. They have to be in your price range too. Remember, you're looking to compare apples with apples,” he says.
“Sometimes the price difference happens for a number of not so obvious reasons. For example, one side of the road provides greater access to schools, local shops, the bus stop, etc.”
This article continues on the next page. Please click below.
<hr class="system-pagebreak">
What to do when there are no direct comparables
When looking for comparable sales, you'll want to narrow down the field to as close to the property as possible. While, ideally, this will mean next door, sometimes it can mean needing to look a few suburbs away for something similar. A different postcode, suburb name or LGA can have a huge effect on property prices and the way buyers view a property.
The difference of a street can also be crucial, depending on noise factor and amenity.
The other issue when it comes to comparables is how recent the sales were. If the sales occurred more than three months ago (or even in a shorter time frame in a faster moving market), you may find that they are not a good gauge of what a property on the market currently will sell for.
When direct comparables are not present, you will then need to broaden your search parameters. Also consider looking at prices of units, townhouses and other stock just to get an idea of how selling activity is performing.
Four things to bear in mind: REBAA
Of course, comparables aren't the only thing that should affect your buying strategy. The Real Estate Buyer’s Agents Association of Australia’s (REBAA) president Jacque Parker advises buyers to review contracts prior to proceeding to unconditional given the changes in Queensland’s property laws that come into force this Monday.
“Buyers can often get so overwhelmed with all the information that smaller details can slip through unnoticed until sometimes it’s too late to rectify,” she said.
“One of these is the front page of the sales contract and, if rushing a purchase or exchanging contracts before your solicitor/conveyancer has had a chance to review this vitally important document, it can very much be a case of ‘Buyer beware the small print’.”
Here’s REBAA’s checklist of what to check before heading to auction.
<ol>
<li>
Inclusions and exclusions Many a vendor has taken the opportunity to not include items that otherwise you may have assumed came with the property. Common items that are sometimes excluded (to the surprise of the purchaser) are curtains, dishwashers, pool equipment and certain light fittings. Also be sure to read for any exclusions and if not happy, renegotiate. 
</li>
<li>
Completion date Check that the date suits you and you are fully aware of the implications here. Most contracts stipulate a number of days after the date of this contract, most commonly 42 days. Alternatively, should dates be vital to you and you want to ensure settlement is on a particular date, with agreement from the vendor, you are permitted to strike out this line and insert a specific date instead. 
</li>
<li>
Vacant possession or subject to existing tenancies? Most properties are sold with vacant possession to you, as purchaser, however be aware that, if there is currently a tenant in place the ‘Subject to existing tenancies’ box may well be checked here. It is important to realize that if you want the place to be empty, and you’ve checked this box, you may well inherit a tenant upon settlement. 
</li>
<li>
Land tax - is it adjustable? On the NSW sales contract for example, if the ‘yes’ box is marked, be aware that you may be up for unwanted land tax costs as you will have to reimburse the vendor for land tax based on proportion of the year you each own the property.
</li>
</ol>
Source: REBAA 
</body></html>

Seeing through underquoting: Price guides 101

<html><body>
GUEST OBSERVATION
The Sydney market shows no signs of slowing down with vendors and buyers showing equal enthusiasm in the nation’s largest property market. Despite the increase in numbers of would-be vendors rushing to schedule a pre-Christmas auction, we are seeing a consistently high clearance rate week after week.
Notwithstanding one weekend failing to reach the magic 80% clearance rate, October continued with some strong individual results across all pockets of the city. Given these strong results it should also be largely unsurprising that the variance between real estate agents’ price guides and the eventual sales prices also remains significant with the trend of underquoting appearing to continue unabated. 
Intelligent Property Services (IPS) has reported for several months now on the consistent manner with which prospective buyers are being drawn to properties with enticingly low price guides and October has been no different.
With 32 auctions monitored the stats show an average variance of some 14.34%. Irrespective of the broad geographic spread in this month’s sample (Mosman to Canterbury) there were fairly similar results across the board. While slightly less than last month (we reported a 15.4% variance for September) some results simply demonstrate the depth of pent up demand across the Sydney market.
Whilst others may well simply suggest some creative price guides set by certain selling agents. One property that demonstrates this epidemic can be seen at 7/2-6 Patrick Street, North Willoughby. Despite a comparable unit selling in the block in 2013 for $860,000 it was listed with a price guide of $750,000, which was then revised to $790,000. With an eventual sale price of $980,000 – 19% variance on the agent’s original guide – it’s little wonder that buyers continue to experience frustration at every turn during their property search.
We suspect there’s no easy solution to this. Whilst Queensland may have banned the publication of auction price guides and some in NSW are calling for auction reserve prices to be published prior to auction in order to provide a more transparent process, we’re quite sure that Sydney buyers would welcome a bit more pricing accuracy from the very same sales agents who openly advertise the fact they’re the area “experts”.
Click to open in new window:
<a href="/images/2014/11/12/ramon-nov-12-one.jpg" target="_blank"><img src="/images/2014/11/12/ramon-nov-12-one.jpg" alt=""></a> 
In September we noted it should come as little surprise that the level of underquoting by sales agents has continued into the busy spring selling season. 
The results are fairly consistent from last month’s findings. In August IPS reported that the average variance between the quoted price and sales price at auction was 17.6%. For September 2014 we have monitored a total of 27 sales and found agents are underestimating their properties by an average of 15.14%. 
As always buyers need to factor this into their thinking and, ultimately, conduct their own research as to the likely market value of any property being considered for purchase. We see no particular trend from suburb to suburb (with auctions from Millers Point to Earlwood monitored) and sales agencies, both big and small, are all guilty – inadvertently or by design – of providing enticingly low price guides to prospective buyers. 
The biggest variation recorded this month was 42% under for a run-down warehouse at 164-166 Wilson Street, Newtown in Sydney’s inner west. Even towards the tail end of the sales campaign a price guide of $1 million plus was being given despite the property selling for $1,725,000.
Another prime example of unfairly building up buyers’ expectations was at 7/40 Terrace Road, Dulwich Hill. The price guide of “$420,000 plus” for a renovated two bedroom, one bathroom, one car strata apartment in popular Dulwich Hill was always going to attract the crowds. More than 92 people attended the first open house on Saturday and, by Tuesday the agent had received between 15 and 20 written offers from hopeful buyers. Current interest is reported to be around $530,000, which is more than 26% above the original guide.
It just goes to show, unfortunately for buyers, that this experience is not limited to the auction process alone.
With pent up buyer demand increasing off the back of abnormally low spring stock volumes, we expect this practice will continue to frustrate and confuse buyers making the entire buying process all the more challenging.
Ramon Mitchell is the general manager of <a href="https://www.ipsg.com.au" target="_blank">Intelligent Property Services</a>, a specialist residential property advisory firm with buyers advocacy division.
</body></html>

RamonMitchell-pSgrKyb4ZZ

Add 14% to Sydney spring auction price guidance: Intelligent Property Services

<html><body>
GUEST OBSERVATION
The banning of Queensland auction price discussions and guides is one of the most ludicrous, retrograde steps in real estate I’ve seen in 30 years.  
I’m still unsure as to who the REIQ and government believe it is benefiting. It appears to me to be detrimental for buyers, sellers and agents all in one.  Nobody from the REIQ or government has been able to give me a credible answer as to why they have brought this in.  
Ask yourself as a buyer of real estate if you think it will assist you to purchase property by not allowing agents to discuss a property’s price with you? 
In an age of transparency and information it is the only jurisdiction on planet earth that bans agents and buyers from having conversations about the price of a property.  Maybe the rest of the world is wrong and the Queensland state government is right?
Until the new legislation comes into practice the good people of Queensland will not be impacted. In fact most have no idea of the proposal yet and will find out over the next few weeks as it becomes new law.
It is quite likely that a number of sellers will choose alternate methods of sale due to the new legislation and unfortunately cost themselves potentially significant profit on the sale of their property in doing so.
Auction is the most effective means of selling property in the world today when done well.  The most important thing for buyers is to be able to quickly and efficiently understand the likely selling range so they can determine whether to pursue the property.  
If they can’t easily determine a realistic selling range many will just move on to the next property.  People don’t have the time or desire to waste energy pursuing a property if they can’t get access to the price range.
I fought hard to retain the seller’s right to provide an indicative price to the buyers when they auction but for some unfathomable reason the government felt it was important to keep the buyers in the dark.
John McGrath is CEO of <a href="https://www.mcgrath.com.au/" target="_blank">McGrath Estate Agents</a>.
</body></html>

jmcgrath-6XcGQCVx3d

Auction price guide bans the most ludicrous step I've seen in real estate

<html><body>
From 1 December the Queensland housing market will start to look less like a serious player in the world market and more like Hazard County (of Dukes of Hazard fame), the prominent Queenslander property commentator Andrew Winter wrote in his weekend News Ltd column.
It is the date the recent legislation comes into force against auction price guidance.<a href="https://www.goldcoastbulletin.com.au/opinion-priceguide-ban-set-to-hurt-queensland-real-estate/story-fnj90t7b-1227115675200" target="_blank"> He says the banning of price guides for properties</a> to be auctioned defies common sense and could drive buyers away.
"I do feel I have to share this example of bureaucratic madness with all of you across the land.
"Sadly there are many examples where common sense, logic, even fairness seem to have been forgotten in the pursuit of some hair brained, ill conceived concept.
"It will become illegal for agents to sell a home by auction and list a price guide of any type.
"But that is not the real shocker here.
"Guess what — real estate agents, who are paid to sell and negotiate, will be banned from even discussing prices, seller’s expectations, or even what a home sold for down the street.
"If they even mutter a hint they will be fined and the regulatory body is even sending out people to real estate agent offices to warn them.
"So no matter how keen you are to buy, no matter how much you beg, email or phone, agents risk their license and fines if they tell you.
"Have you ever come across anything else more stupid? 
"If agents cannot give a price guide, what is stopping the seller putting a poster on their wall stating a guide if they want to?"
Andrew Winter, <a href="/expert-insights/building/15146-audiences-sold-on-andrew-winters-selling-houses-australia-with-record-ratings" target="_blank">who settled in Australia following a successful UK television career </a>in the UK said: "Queensland, this is a joke!"
"This legislation is all about excessive control," he sai.
<a href="/news/qld/29009-queensland-auction-price-guide-ban-defies-common-sense-john-mcgrath" target="_blank">Sydney agent John McGrath was the major opponent</a> of the REIQ-supported legislation which passed the parliament with minor concessions to applease the News Ltd website, realestatecom.au pricing platform.
"Come on Queensland, you surely have been sniffing the sun screen bottle too much," Winter jested.
"None of these crazy legislative restrictions exist in prime residential markets like the United States or United Kingdom and they cope quite well," he wrote.
</body></html>

jchancellor-FAypfDUnLy

Queensland's auction price guidance ban legislation is madness: Andrew Winter

<html><body>
CEO of Ray White Surfers Paradise, Andrew Bell, has said that he welcomes the legislation changes in Queensland that will stop price guides being put on auction properties.
Bell said that the state government were right to stamp out the flawed practice, saying that setting price guides did not serve the best interests of buyers.
“Auctions are meant to be presented based on a free market system and this has been recognised by the state government under these legislative changes,” he said.
“People have missed out on properties because of misleading price guides under systems which allow price guides, such as in the southern states where there is a great deal of consumer dissatisfaction.”
Despite this, Consumer Affairs Victoria has recently been in record noting that there are few complaints, while others cannot agree on the severity of the problem in New South Wales or Victoria.
He said that price guides are often not reflective of a property’s selling range.
An amendment does, however, allow electronic listings provider to be given price range information to determine a search criteria – however, only if they are “satisfied” the provider won’t disclose this information.
{module Do you think the changes should be rolled out to other states and territories?}
</body></html>

Ray White Surfers Paradise’s Andrew Bell welcomes Queensland legislation changes

<html><body>
Queensland’s Property Occupations Bill was passed earlier this week, bringing a raft of changes to the state’s real estate industry.
Formerly covered under the Property Agents and Motor Deals Act (2000), the real estate industry now will work under its own set of regulations.
The way real estate is bought and sold in Queensland will change in ways that will to affect both buyers and sellers: here’s what you need to know.
<ol>
<li>
NO MORE PRICE GUIDES... The most controversial aspect of the bill was the removal of price guides for properties sold through auction. Intended to stamp out the practice of underquoting, the changes will stop agents discussing price guides with potential buyers or property reporters. The proposal was supported by the Real Estate Institute of Queensland but derided elsewhere. Groups including the Real Estate Institute of New South Wales the Real Estate Buyers Agent Association of Australia voiced their opposition to the legislative changes in recent months. It’s unclear what effect the changes will have on Queensland’s real estate market. 
</li>
<li>
…WITH SOME CAVEATS According to Attorney General and Minister for Justice Jarrod Bleijie, buyers won’t be complete in the dark when it comes to property values. The bill was amended to allow real estate agents to disclose a price guide to listing websites so buyers can still search for properties within a certain price range. However, listing websites are still unable to publish the price estimates. If a seller consents, agents can also provide “market information about a property”.  “However, the bill allows an agent, with a seller’s written consent, to give any person,which includes, for example, a buyer or a property journalist, with market information about a property through the form of a comparative market analysis. There are also numerous online sources that provide market information about properties," said Bleijie. "This information provides objective, not speculative, data to assist a buyer to work out what a property may be worth to them. This information will also assist property journalists and writers to prepare real estate profiles and editorial pieces without the need for real estate agents or auctioneers to breach provisions preventing disclosure of price guides for auction properties. "Prohibiting agents from giving a price guide indication for auction properties, or properties for sale without a price, also creates a level playing field for the industry.” It’s unclear at this stage what “market information” entails. 
</li>
<li>
COMMISSIONS Price guides aren’t the only form of disclosure to go in Queensland. Agents are now able to charge commissions even when they have a beneficial interest in a property, and will no longer have to disclose that commission to buyers. There is no cap on the commissions received, an issue which some believe may have an inflationary impact on prices. Labor MP Desley Scott said that: “It is preposterous to suggest that the commission being paid by the seller to the agent will have no impact on the buyer. It has the potential to make a significant difference in the contract price of a property. Where the contract price is distorted by a highly inflated commission, the buyer has no way of knowing what the real value of the property is. Transparency is paramount.” 
</li>
<li>
CHANGES TO LICENSES The new legislation removes the requirement for property developers and their employees to be licensed. Until now, property developers in Queensland were the only in the country who were required to hold a license. Bleijie claims that this move will reduce red tape in the industry, removing barriers to entry to the property developer market and stimulate the economy. As the Property Agents and Motor Dealers Act has now been split, those who auction real estate will carry a different license to those selling other forms of property. The changes mean that anyone who auctions real estate and other asserts will have to hold two licenses. 
</li>
<li>
USE OF LAND DISCLOSURE Under the Property Agents and Motor Dealers Act, agents had to notify a buyer if the land they were considering could not be used for residential development. That provision has been removed, meaning that sellers and agents are not required to tell a buyer, pre-contract, that the piece of land they are about to purchase cannot lawfully be developed for residential purposes. That means it's up to buyers who are considering residential development to investigate council requirements themselves before signing their contract.
</li>
</ol>
 
</body></html>

jrichardson-uRX5hFdKfN

Five things to know about Queensland’s property reforms

<html><body>
In Parliament last night, the controversial Queensland property bill that has seen big names in real estate, such as John McGrath, arguing against the changes, passed.
The property reforms, announced in Attorney-General Jarrod Bleijie’s release, noting them an “easy sell for Queensland” have split the Property Agents and Motor Dealers Acts (2000) into separate industry-specific bills to reduce red tape for Queenslanders. Bleijie, calling it a “win-win for everyone” and noting that it simplifies stifling regulations, listed the following key changes.
<ul>
<li>Removing the requirement for agents to disclose to a buyer the commission the agent is receiving from the seller  </li>
<li>Deregulating agents’ commissions aligning Queensland with other states  </li>
<li>Maintaining the existing cooling off period of five days  </li>
<li>Remove the requirement for property developers and their employees to be licensed  </li>
<li>Streamlining the claim fund process to reduce the time taken to assess, decide and pay claims to consumers  </li>
<li>Reducing the number of government forms and incorporate warning statements into contracts  </li>
<li>Providing a simpler licencing framework for real estate agents, resident letting agents and auctioneers  </li>
<li>Extending the statutory limit on lengths of appointments for a sole or exclusive agency from 60 days to 90 days  </li>
<li>Reducing the number of forms requires for motor vehicle transactions  </li>
<li>Providing a system for regulating debt collectors and their employees to protect consumers against undesirable practices associated with debt collection activities </li>
</ul>
However, it was also agreed to, with some amendments, that price guides would not be allowed.
The Parliament transcript notes that the ALP’s Annastacia Palaszczuk noted to put it on the record that clause 214 prohibits an auctioneer from disclosing a price guide for an offered property.
“It is good to see that the Attorney-General was prepared to listen to the voice of reason in relation to this matter. The opposition to this proposal was enormous and the groundswell of public opinion was about to drown the government on this issue. This amendment allows an auctioneer to give information about price or price range to an electronic listings provider to establish search criteria for listing the property for sale,” she said.
“However, it still prohibits any price guide being given for a property that is to be auctioned. The opposition does not support this ban and we do not think this amendment goes far enough to alleviate the concerns that have been expressed.”
An addition to the Bill had been to clarify that an auctioneer would not contravene the section if, during the auction, the reserve price is reached or exceeded and the auctioneer tells those at the auction that the price has been met.
An amendment was then made by Bleijie to include the following in clause 216:
A real estate agent does not contravene subsection (2) (c) or (3) (b) only because a price or price range for the property is disclosed by the real estate agent to an electronic listings provider to establish search criteria for listing the property for sale on the provider’s website or other electronic medium. (3B) However, subsection (3A) applies only if the real estate agent is satisfied on reasonable grounds that— (a) the electronic listings provider will list the property for sale on the website without disclosing the price or price range; and (b) the listing will include any statement prescribed under a regulation
The bill was passed with amendment last night.
The bill was created <a href="/news/qld/25360-august-26-observer-anton-kardash" target="_blank">heavily in conjunction with the Real Estate Institute of Queensland's Anton Kardash</a> and has had <a href="/news/qld/29009-queensland-auction-price-guide-ban-defies-common-sense-john-mcgrath" target="_blank">John McGrath voicing his opposition loudly, arguing that the change defies common sense.</a>
</body></html>

Price Guides

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Price Guides

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News