Consumer Affairs Victoria (CAV) is calling for feedback on the State’s real estate industry in a bid to ensure fair and easy access to the housing market.
Welcoming the launch of the Regulator’s Property Market Review Consultation Paper, Minister for Consumer Affairs, Gaming and Liquor Regulation, Melissa Horne said it was the first step in a review of property market laws, including those related to underquoting, off-the-plan sales and estate agent conduct.
“In recent years, the property market has changed considerably,” Ms Horne said.
“Home buyers are finding it increasingly difficult to enter the market, with significant demand and rapid rises in property prices providing more barriers than ever before,” she said.
“This Review will focus on issues such as underquoting and the upfront costs for buyers to enter the market.”
Ms Horne said the Review would also look at the underquoting reforms introduced in 2016, the current market conditions and if there was further work needed to strengthen the laws.
She said the Review sought to ensure that education requirements for professionals involved in the sector were appropriate, so they had the expertise and skills necessary to maintain ongoing good practice within the industry.
“It is important that both buyers and vendors experience fairness in property pricing and the services they receive,” she said.
Ms Horne said people could have their say on the Consultation Paper until 1 April.
She said the Review would be conducted by an expert panel, consisting of Enzo Raimondo and Carolyn Bond, supported by regulation and reform expert, Claire Noone and the Nous consultancy.
Consumer Affair’s 42-page Consultation Paper can be downloaded at this PS News link.
