Changes For Buyers and Sellers

New rules affecting buyers and sellers have been introduced across four states.

Sellers in New South Wales will soon have to either give a price or price guide when advertising a property for sale with the State Government introducing new laws to improve transparency and crack down on underquoting.

It is backing that up with a boost to fines for those who underquote from $22,000 to $110,000 or three times the agent’s commission – depending on whichever is greater. It is also doubling penalties for dummy bidding at auctions.

It follows news that the Victorian Government is planning to introduce new rules to make vendors pay for building and pest inspections ahead of a home sale and sellers will have to publicly disclose the sale price of all homes once the deal is unconditional. The aim is to provide a better understanding of how the market is tracking for potential buyers.

Meanwhile in Western Australian Government has expanded its stamp duty concession scheme for off-the-plan and under-construction homes, to include smaller developments, such as duplexes.

And the Tasmanian Government has decided to join the Federal Help to Buy Scheme, which allows eligible applicants to purchase or build a new home with as little as a 2% deposit.