Media Releases

Qld auction price guide ban will hurt consumers: REINSW

28 February 2014
Queenslanders and those seeking to invest in the state must act immediately to voice their concerns over legislation currently before Queensland Parliament that will prevent agents from discussing price guides for houses to be auctioned. 

Real Estate Institute of New South Wales President Malcolm Gunning said a ban on auction price guides would cause havoc for those interested in buying property in Queensland. 

“It is a step backward for consumers. Now more than ever buyers are demanding transparency in regard to property. To take away price guidelines will turn back the clock on Queensland real estate,” Mr Gunning said.  

McGrath Estate Agents Chief Executive and REINSW member John McGrath also believes Queensland is facing a dire situation. 

“It is insanity,” Mr McGrath said. 

“There is no logical reason why this should happen. The new legislation would effectively act to ban the agent, buyer and seller from holding a conversation in regard to price. 

“It will not solve the issue of underquoting and will prevent buyers from other states and internationally from looking at the Queensland market. 

“Internet searches will be useless with thousands of auction listings appearing in random order,” Mr McGrath said. 

Mr Gunning and Mr McGrath urged all consumers in Queensland and nationally to write to Attorney-General of Queensland Jarrod Bleijie MP (attorney@ministerial.qld.gov.au) to voice their concerns against the Property Occupations Bill and the Agents Financial Administration Bill 2013, which are currently before Queensland Parliament.

“This legislation could be passed as early as 4 March. If you plan to buy or sell property in Queensland now is the time to have your say,” Mr Gunning said. 

For further information or to arrange an interview with REINSW President Malcolm Gunning, please contact: Helen Hull – 0419 642 961 or media@reinsw.com.au