Victorian gov forces homeowners to reveal sold property prices

New Victorian laws will obligate buyers and sellers to publicly disclose what they spend on offloading or acquiring a home. The real estate industry is sounding the alarm on a new Victorian government law that will force homeowners to reveal their home’s sold price from October 1. The legislation’s only exceptions will apply to buyers and sellers whose circumstances are affected by personal or family violence. Industry figures have expressed caution about a lack of a public awareness regarding the new regulations, plus the impact on individuals’ privacy and how the state’s already flagging auction market will fare under the controversial changes. RELATED: New Victorian auction and set-date laws, what sellers need to know New Victorian auction law will cost sellers, create legal underquoting Expert guide to navigating Victoria’s unpredictable spring market There’s even speculation the law, combined with recent alterations to auction reserve price disclosure rules, could cost Ben Carroll’s government at the polling booth when the state election is held in November. Under the legislation, it will be compulsory for agents to update an online Property Price Statement (PPS) with a sold s...