December 5, 2013

REINSW voices concerns over possible QLD property guide ban

5 December 2013

REINSW voices concerns over possible Qld property guide ban

Legislation currently before Queensland Parliament, which will prevent agents from
suggesting an appropriate price guide for the sale of a property, has been criticised by
the Real Estate Institute of New South Wales.

REINSW Deputy President John Cunningham said the legislation would take away any
transparency that is left with an auction.

“The new legislation, if passed, puts the onus squarely onto the buyer,” Mr Cunningham

“This is something that buyers will respond very poorly to because they really want
some form of guidance in regard to price. They rightly see us as the market experts and
as such seek our professional expertise on market value. Rather than removing the
option of providing price guidance all together we need to focus on the form and
reliability of the information we offer.

“The process leading up to an auction can vary greatly which means that having a one
size fits all control is fraught with danger and distrust.

“The market is very dynamic and having a solution where the agent gives a comparative
market analysis with their information pack for prospective buyers is going some way to
addressing the issue.

“We also believe that allowing a bidding guide as an option, which outlines an opening
bid price level that the market can follow, may be the solution. This would of course
need to be regulated with specific criteria in relation to the agent’s estimate of value
they provided the seller to comply with current regulations.

“Fundamentally the proposal before Queensland Parliament is turning the clock
backwards,” Mr Cunningham said.

The Property Occupations Bill and the Agents Financial Administration Bill 2013 are
currently before Queensland Parliament and will replace the Property Agents and Motor
Dealers Act 2000 (PAMD Act).

For further information or to arrange an interview with REINSW Deputy President
John Cunningham contact Helen at or 0419 642 961.

REINSW  Media release

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