Victorian home buyers and renters could soon receive greater protections under new legislation introduced to the state Parliament, with proposed changes aimed at increasing transparency in property sales and making renting more affordable.
The Victorian Government says the reforms will require real estate agents to publish a property’s reserve price at least seven days before an auction or sale, a move it describes as the first of its kind in Australia.
If passed, the changes will take effect from 1 October. Agents who fail to disclose a reserve price would be prevented from taking a property to auction.
The legislation would also require the final sale price of a property to be made public after it is sold, giving prospective buyers access to more information about local market values.
The government argues the measures will help address concerns about underquoting, a long-standing issue in Victoria’s property market. Existing laws already allow penalties of more than $48,000 for underquoting offences, along with the possibility of agents losing their commission.
Consumer groups have previously called for greater transparency around reserve prices and sale outcomes, arguing that buyers often spend time and money pursuing properties that ultimately sell well above advertised expectations. Industry representatives, however, have at times cautioned that additional regulation can increase compliance requirements for agents and vendors.
The proposed reforms also include several changes affecting renters.
Under the legislation, lease break fees would be capped at a maximum of four weeks’ rent. The government says the measure is designed to prevent renters from facing excessive costs when circumstances change and they need to leave a property before the end of a lease.
Renters would also gain a guaranteed right to obtain additional keys or electronic access fobs, while bonds could be paid online directly to the Residential Tenancies Bond Authority for the first time.
Minister for Consumer Affairs and Renters Paul Edbrooke said the reforms were intended to make the housing system fairer for both renters and buyers.
“We’re stamping out underquoting. These new laws mean no more wasting your Saturday at auctions trying to buy a home that you could never afford,” Mr Edbrooke said.
He said the lease break cap would help renters facing financial pressure and argued that access to additional keys should be a straightforward right for tenants.
The announcement has also prompted political debate, with the government criticising the Opposition’s stance on the reforms. The Liberal Party has yet to indicate whether it will support the legislation in its current form.
The bill will now be considered by Parliament, where its details and potential impacts on buyers, renters, property owners and the real estate industry are expected to face further scrutiny.
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