The gruelling process for homebuyers in Victoria will be made easier under a new state government proposal to increase transparency in property sale prices. Under this plan, agents and homeowners will be required to share their sale price when selling which will allow for clearer price ranges and idea of the market.
The Victorian government will introduce this proposal to parliament in June and will put this change in effect in 2027.
In an interview with The Sydney Morning Herald, Consumer Affairs Minister Nick Staikos commented on this new law and said, “These secret sold prices distort the market. They artificially inflate property prices and make the market less competitive.”
Working alongside the real estate industry, the Victorian government will refine the details of this proposed policy.
The government’s new plan comes after a Blind Bidding investigation revealed that the government had been advised years ago to introduce these mandated sale prices to expose underquoting.
In an additional attempt to assist homebuyers, Premier Jacinta Allan has spoken out about mandating free building and pest reports if she is re-elected this November.
Staikos added that these reports would include critical details about whether the property is structurally sound and if mould or termites are present. Further information about these reports is yet to be released.
Source: The Sydney Morning Herald
