New rules are coming
Before we get into this week’s Market Update, I wanted to start by congratulating all those supporters of the Brisbane Lions, especially all those die-hard Fitzroy loyalists on completing an amazing three-peat. We also extend our commiserations to the Fremantle Dockers on going so close, yet so far. Hopefully everyone can now sit back and enjoy a few footy-free months before it all gets underway again next year.
In the meantime, I thought it was important to let you know that there are some key changes to the way property is bought and sold in Victoria that everyone should be aware of.
These changes will come into effect from this coming Thursday, October 1st, and will change the way residential real estate is advertised.
In short, the Statement of Information (SOI) that has been available for properties for sale is being replaced with a new Property Price Statement (PPS). This form is intended to standardise the way comparable market data, property dimensions and pricing information is presented.
One key change is that the PPS is required to be displayed prominently so that buyers have immediate access to pricing information so they can make quick assessments about whether the property is within their reach.
Another key change is that all properties that are going to auction or using a fixed-date style sale must display the vendor’s written reserve price a minimum of seven days prior to the nominated date. If this figure is not published seven days before the auction, the auction cannot proceed.
If you’d like to know more about the new changes, you can read a more detailed summary by visiting THIS RECENT ARTICLE.
Alternatively, if you have any questions about the legislative changes, or the real estate market more generally, you are welcome to call our team at Barry Plant Thomastown on 9466 3233.
In the meantime, enjoy the rest of your long weekend.
Best wishes,
Con Constantinou
Barry Plant Thomastown
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