As of 16 September, real estate agents in Victoria must use a new set of forms relating to a property’s Statement of Information (SOI). Consumer Affairs Victoria (CAV) have introduced these changes to strengthen transparency when it comes to buying and selling property in Victoria.
In today’s blog, the team at Metro Property Management are working with the experts at Metro Property Sales to round all the need-to-know information for agents – so you’re well across the changes. Let’s help you to adjust to the ‘new normal’ at open for inspections!
What is a Statement of Information?
As part of the Victorian Government’s commitment to strengthening residential property price quoting requirements, the Estate Agents Amendment (Underquoting) Act was introduced in 2016. This required agents to provide prospective buyers with an information fact sheet for the residential property being sold. This is known as the Statement of Information. The Statement of Information is created using a form approved by Consumer Affairs Victoria, containing the following information:
- the suburb’s median selling price for the type of property being sold as well as the period of time used to determine the median selling price.
- brief details of the sale of three comparable properties, or if the estate agent considers there are less than three comparable property sales, a statement to that effect.
- the indicative selling price for the property.
What are the key changes?
The changes made to the Statement of Information forms on 16 September include new specifications around the property type, comparable property sales, the date prepared and the design of the property. These new specifications aim to deliver greater transparency and consistency in Victoria’s property market, as buyers are now privy to the same information as vendors.
The new ‘SOI’ forms can be accessed below:
Can you design your own Statement of Information?
Agents cannot design their own Statement of Information. Agents must not alter the wording, sequence or layout of information in any way – however they many add additional pages of detail if necessary.
Do existing Statements of Information need to be updated?
Yes. If an agent has prepared a Statement of Information prior to September 16, 2019 and the property remains on the market, this Statement of Information will need to be updated using the new form.
At Metro Property Management, we work alongside the expert team at Metro Property Sales to ensure your real estate experience is a breeze. We’ll always inform you of any changes you should be aware of and how they may impact upon your property journey. Proudly serving over 260 Melbourne suburbs and counting – learn more about our unique property management services today.