Our Backyard – Aireys Inlet

WELCOME TO AIREYS INLET

Underquoting Changes

After much media over the years regarding underquoting, the Victorian government has brought in new rules which will take effect on May 1st.

According to Consumer Affairs Victoria, underquoting occurs when an agent misleads a prospective buyer about the likely selling price of a property. Underquoting may also occur when a property is advertised or quoted to a prospective buyer at a price that is less than:

– The seller’s asking price or auction reserve price

– The agent’s estimate of the selling price, or

– A genuine offer or expression of interest.

From May 1st, agents will be required to provide prospective buyers with an information statement about the property for sale which includes:

– Three recent comparable sales

– An indicative selling price, and

– The median price for the suburb.

The new laws will also:

– Ban advertising price changes of more than 10%

– Ban words or symbols in advertising such as ‘offers above’, ‘from’, or ‘+’, and

– Require advertising to be promptly updated if the seller rejects a higher written offer to purchase the property, or the agent’s price estimate changes.

Real estate agents caught engaging in underquoting will face penalties of more than $31,000 and risk losing their sales commissions.

For more information about underquoting and the new laws, visit https://www.consumer.vic.gov.au/businesses/licensed-businesses/estate-agents/running-your-business/advertising-and-representations/understanding-underquoting

There have also been some stunning sunrises this week. This was taken over Steppe beach early on Thursday morning.

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OPEN FOR INSPECTION

SATURDAY April 22, 2017

35 Kalbaru Drive, Fairhaven  1.00 – 1.30

12 Cowan Avenue, Fairhaven  2.00 – 2.30

5 She Oak Crescent, Fairhaven 3.00 – 3.30

SUNDAY April 23, 2017

5 Amaroo Crescent, Aireys Inlet 12.00 – 12.30

3 Amaroo Crescent, Aireys Inlet 12.30 – 1.00

1 Brent Avenue, Aireys Inlet  2.00 – 2.30

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James Worssam

james@greatoceanroadrealestate.com.au

0418 585 815

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