REIV members are bound by a code of ethics requiring them to act fairly and honestly in their dealings with property buyers, REIV CEO Enzo Raimondo said today.
Responding to an article in last week’s Age newspaper, Mr Raimondo said that, in a buoyant market, it is not always possible for agents to predict the final selling price of a property.
“With property prices continuing to rise, including in the month of May, it places additional pressure on agents to forecast the final selling price – particularly when the sales process can take place over six to eight weeks,” he said.
Mr Raimondo said that buyers should review median prices for their area when seeking to purchase a home.
“This information can give an indication of the potential purchase price of homes in an area,” he said.
Mr Raimondo added that, should buyers need additional advice when purchasing a property, they should contact an REIV Buyers’ Agent. Details of Buyers’ Agents, who act on behalf of those purchasing properties, are available on the REIV website.
Mr Raimondo said that any member of the public that has an issue with price quoting should refer the matter to Consumer Affairs Victoria (CAV).