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Victoria enacts stricter property price guide rules, requiring agents to justify pricing with comparable sales and face fines for non-compliance.
Victoria has introduced stricter rules requiring real estate agents to justify property price guides by using relevant, comparable sales and considering factors like location, age, and renovations.
Agents must now provide evidence for their choices, with fines possible for non-compliance, though a loophole allows fewer than three comparables if few recent sales exist in an area.
The changes follow an investigation revealing widespread underquoting, with over half of tracked properties selling above their price guide range.
While the Real Estate Institute of Victoria welcomed the move, it called for further reforms, including mandatory reserve price disclosure, which remains unimplemented.
Victoria promulga reglas de guía de precios de propiedad más estrictas, que exigen a los agentes justificar los precios con ventas comparables y enfrentar multas por incumplimiento.