Friday, June 27, 2008

The renaissance continues....

The renaissance continues.... Back in 2002 Labor Party Minister John Rau conducted an independent inquiry into the Real Estate Industry. Now, 6 years later we are seeing the introduction of The Statutes Amendment (Real Estate Industry Reform) Act 2007.

Put in place to protect you as the consumers, this new legislation will work to expose the minority of those in the industry who have been and continue to do, the wrong thing – Fantastic news for those of us who are transacting Real Estate ethically!

From the 1st of July 2008 you’ll be exposed to clear, totally realistic price indicators throughout the industry. No more “In excess of” or “Bidding starting from”. Properties will be marketed with a set price or a range which will be no larger than 10%. While great for Purchasers, the flip side of this is that Vendors will need to decide firmly on a price they’re happy to accept for their property prior to marketing their home – a sometimes very difficult decision to make.

Along with this, you’ll discover that from day one, Real Estate practitioners will be educating you on property transactions more than ever through the distribution of flyers at Appraisals, Open Inspections & Auctions.

At Toop&Toop we’re embracing these new changes.

This Act is set to provide clarity for consumers and practitioners alike across the whole of the Real Estate Industry – and we can’t wait.

If you’d like to know more about these changes, the Office of Consumer & Business Affairs has released a booklet called ‘On the House – Your Guide to Buying & Selling a home’. This is available to order online at or simply drop into your local Toop&Toop office over the coming weeks, we’d be happy to provide you with one.

Ian Darbyshire, CEO <>

© Toop Real Estate Group

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