Buying and selling property in Brunswick is about to get a whole lot fairer for consumers, as the state government announces a number new underquoting rules. Underquoting happens when a property is advertised at a price lower than its actual value, which can lead to significant distortion across the market.
A series of safeguards are now being put in place, so whenever a property goes on the market, people can rest assured it's being marketed at the right price.
The Real Estate Institute of Victoria (REIV) has summarised the changes, explaining that they'll be applicable to all private sales and auctions of residential property.
Buyers will be given a fact sheet before they buy a home. This will include details of what comparable properties have sold for in the nearby area, as well as a median price for that particular suburb.
If a real estate agent in Brunswick receives an offer in writing that's higher than the current selling price, they will have to revise their estimate. When marketing properties, they'll also no longer be able to use phrases such as "offers over" to ensure transparency.
There are several steps that buyers can do to reduce the risk of falling victim to underquoting. While these latest measures will be a deterrent, it also pays for individuals to be savvy.
Choosing a trustworthy real estate agent in Brunswick is a good place to start. Ask family and friends for a personal recommendation and make sure whoever you select has a good reputation in the local market.
Ray White Brunswick is a well-respected agency with a sound knowledge of this popular Melbourne suburb and beyond. For help buying or selling your property in the area, get in touch with our experienced team of experts.