4th October 2014
PRICE GUIDES – WHAT’S THE FUSS? Earlier this year, the Queensland government passed legislation banning agents from providing buyers with both verbal and written pricing information on auction properties. Whilst this ban has not been taken up here in Victoria, it has sparked strong debate about the role of price guides throughout the Australian property market. Many believe that buyers need guidance to make informed decisions whilst others believe the guides encourage deceptive practices, or general under quoting. What is a price guide? A price guide is an estimate of a property’s market value. Real estate agents provide a guide, which comes into play particularly when properties are offered at auction. At an auction, there is no fixed price. The price guide is there to inform buyers as to a range where the agent is expecting the bidding to be. The agent will base their guide on comparable sales, the vendor’s expectations and other evidence from the market. In Victoria Consumer affairs in Victoria did crackdown on under quoting here in Melbourne at the start of 2014. However, they reported that close to 100% of agents passed their testing. Nevertheless, both investors and homebuyers are always encouraged to undergo their own market research to get a good feel for the market in the area they wish to buy in. Real estate these days is much more about transparency and sharing information. Deceptive agents do both their clients and themselves a disservice and generally suffer because of it. And so, it remains to be seen if the Queensland legislation sticks, as many believe it will not. Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938
Yarraville
104 Somerville Road 9316 9000
Williamstown 1/66 Douglas Parade (Corner Stevedore Street) 9393 1600 www.jasstephens.com.au
Jas H Stephens Pty Ltd (Jas Stephens) is bound by and adheres to the Australian Privacy Principals (“Principals”) contained in the Privacy Act 1988. Those Principals regulate most of our activities with respect to personal information collected, stored, used and disclosed by is. Our full privacy policy can be found at www.jasstephens.com.au. The purpose for which we may collect, hold, use and disclose your personal information are:-for security reasons- to keep a record of who has attended open inspections; to contact you in respect of the property and other properties we believe may be of interest to you; to provide you with a contract of sale and other documents you may request; to update you generally through the course of the campaign. We may also use your personal information to market other properties which we think may be of interest to you and to send you marketing material from our agency. You can always “opt out” if you do not wish to receive marketing material. By providing your personal information you consent to us using your personal information as described above. If you choose not to give us your information, we may not be able to provide an effective service to you. Your personal information is stored in a combination of computer facilities and paper based files and other records, which are located on site at our office and off site at secured premises. If you would like to discuss how we manage your personal information or complain if you think we have breached the Principals or to update/correct the information we are holding please call 9316-9000 or email privacyofficer@jasstephens.com.au We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations. We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected. We make every effort to contact all interested parties prior to a property being sold.
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