Reiv Welcomes Commitment To Ban 'price Plus' Property Sales Ads

REIV Welcomes Commitment To Ban 'Price Plus' Property Sales Ads

27 October 2010

The REIV has welcomed the announcement by the Minister for Consumer Affairs to ban the use of 'price plus' in real estate advertisements and conduct a consumer education campaign on the process of buying and selling property.

REIV President John Grabyn said that the banning of price plus would make it easier for consumers to compare properties for sale and alleviate the confusion that exists with the current laws which allows a range of options which may be misleading.

"The REIV's own pricing guidelines state that all property advertisements which include a price should be shown as either a single figure or a range no greater than 15 per cent.

"The banning of price plus will not restrict the price a property will be sold for as the market will determine this but it will make it simpler for consumers and bring some consistency into property advertising.

"By banning 'price plus' and other misleading price display methods, both consumers and the real estate profession will benefit.

"The commitment to conduct an education campaign and highlight the importance of research is also a very important part of this change.

"The REIV looks forward to assisting with Consumer Affairs Victoria on the implementation of this policy," Mr Grabyn concluded.

Other policies from REIV Election Policy Platform can be accessed at www.reiv.com.au.

MEDIA COMMENT:
Robert Larocca, 9205 6622 or 0409 198 350

SOURCE: REIV