Property price transparency in NSW

Property price transparency in NSW

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Polly Francis started this petition to NSW Government

This petition is to update the New South Wales (NSW) real estate legislation to prevent misleading property advertisements and to promote price transparency.

Renters and buyers across NSW are tired of spruiking, misleading and deceptive real estate agents who withhold or misquote prices on properties for sale or rent.

The recent tactic utilised by real estate agents in NSW is to withhold the price of a property that is for sale or rent and instead force those interested to contact the realtor only to be advised to attend an open house inspection (in the midst of a pandemic) to learn the price.

This is done for a number of reasons but mainly to elevate property prices by preventing buyers from accessing accurate property values in a particular area. Also to extract personal information from people which is then entered into a database without the person's knowledge or consent.The trend started earlier this year in inner Sydney but is starting to spread to other areas.

The Victorian (VIC) Government has already banned this type of misleading real estate practice. In fact, the VIC legislation states properties for sale or rent must honestly disclose and advertise the price of the property.

Let's put an end to spruiking, misleading and deceptive real estate practices in NSW.

This is why I am advocating for a more transparent process where there is a legal requirement to advertise the price of a property that is for sale or rent in NSW.

Let’s make the real estate industry more transparent and encourage the NSW Government to take action.

If you believe properties that are for sale or rents should have a price accurately disclosed and advertised please sign this petition.

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This petition is to enact the following changes in NSW:

Property advertising must not be misleading or deceptive. It is illegal for a seller or agent to misrepresent a property in any way when advertising or marketing that property, whether verbally or in writing and photographs.

If a property for sale includes a price, it must be listed as a single figure or a range of up to 10 per cent. The price cannot use any qualifying words or symbols, such as 'from', 'offers above', or '+'.

An agent must provide an estimated selling price that:

  • is reasonable and takes into account the sale prices of the three most comparable properties to the property for sale.
  • It is illegal for an agent to advertise or advise you of a price that is less than:
  • the seller's auction reserve price or asking price
  • a price in a written offer already rejected by the seller on the basis it is too low, or the agent's current estimate of the likely selling price.
  • Agents must update the advertised price if it changes during the sales campaign.


 

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