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18 May 2013

Deputy Premier and Minister for Business Services and Consumers John Rau says new real estate laws that have passed parliament this week will mean fairer auctions for South Australian homebuyers.

“These laws are another important step in protecting the rights of South Australian consumers,” Mr Rau said.

“They give greater certainty to homebuyers, who invest significant time, energy and money into the process of buying a home.

“The changes mean that if a price for property to be auctioned is advertised, the buyer will know what the vendor is willing to accept.

“Importantly, this eliminates the shoddy practice of under-quoting, which is used by some rogue agents.”

Mr Rau said that the South Australian Liberal Party moved amendments to the legislation that would condone the practice of under-quoting.

“The Liberals fought vigorously to protect shoddy agents who engage in unfair practices, but fortunately common sense has prevailed,” Mr Rau said.

The new laws also:
•    Remove a significant amount of red tape for real estate agents
•    Reform sales agency agreements to allow them to be extended and more flexible, while still protecting individuals from being exploited
•    Requires the price placed in a sales agency agreement by an agent to be a single figure, rather than a range, compelling agents to be more accurate and realistic in their sales agency agreements

“This Australian first package should give all South Australians a greater level of confidence in the integrity of the real estate industry.”