Selling agents across Australia are in limbo as the industry watchdog starts to clamp down on single point pricing in real estate transactions as legislated in its Competition and Consumer Act 2010, according to a Canberra-based agent.
The Office of Fair Trading is now stepping in to enforce the Australian Competition and Consumer Commission’s (ACCC) 2010 legislation which requires all industries to adopt single price points, meaning that the GST (goods and services tax) and all fees and charges are included in a single price for marketing purposes.
With the objective to provide further transparency for consumers, section 48 of the Competition and Consumer Act 2010 said if agents choose to use component pricing in advertisements, they must also provide consumers with a prominent single total price.
For selling agents it means big changes, but it’s only now starting to roll out on the street, said Erik Tyler of Canberra-based agency LIVEin.
Read the rest of the story: Australian Property Investor :: New law offers greater transparency to vendors, but at what cost to agents?.