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Could Backfire","2026-06-16T00:52:42.892Z","2026-06-16T23:54:19.640Z","2026-06-16T23:54:19.654Z",187930881663317,"a4c25d33-1275-4294-8aea-1696579c48cc",{"_uid":441,"body":442,"title":434,"noindex":373,"ogimage":682,"snippet":684,"component":685,"tag_list":686},"5cb3c4ba-9fd6-4944-8acd-58ffaf7dc6e6",[443],{"_uid":444,"content":445,"component":680,"bottom_spacing":681},"4d9f2fb3-44d8-457d-8f79-2b3ba1b1ccad",{"type":446,"content":447},"doc",[448,469,474,479,486,493,511,518,534,541,557,564,580,602,607,612,617,633,638],{"type":449,"attrs":450,"content":451},"paragraph",{"textAlign":376},[452,460,462,463],{"text":453,"type":454,"marks":455},"MEDIA RELEASE","text",[456],{"type":457,"attrs":458},"textStyle",{"color":459},"#6C88DC",{"type":461},"hard_break",{"type":461},{"text":434,"type":454,"marks":464},[465,467],{"type":457,"attrs":466},{"color":19},{"type":468},"bold",{"type":449,"attrs":470,"content":471},{"textAlign":376},[472],{"text":473,"type":454},"The Real Estate Institute of Victoria (REIV) has written to all Members of Parliament warning that the Consumer Legislation Amendment Bill 2026 (Bill), unless substantially amended, will create further complexity in property transactions. This Bill will expose homeowners, buyers and agents to increased costs and significant litigation risks.",{"type":449,"attrs":475,"content":476},{"textAlign":376},[477],{"text":478,"type":454},"In its letter to Victorian Members of Parliament, the REIV outlined its major concerns and recommended amendments to the Bill.",{"type":449,"attrs":480,"content":481},{"textAlign":376},[482],{"text":483,"type":454,"marks":484},"Key Concerns with the Bill include:",[485],{"type":468},{"type":449,"attrs":487,"content":488},{"textAlign":376},[489],{"text":490,"type":454,"marks":491},"Regulatory uncertainty and unreasonable sale process requirements",[492],{"type":468},{"type":494,"content":495},"bullet_list",[496,504],{"type":497,"content":498},"list_item",[499],{"type":449,"attrs":500,"content":501},{"textAlign":376},[502],{"text":503,"type":454},"The absence of a clear mechanism to manage reserve price changes during the proposed seven-day disclosure period creates uncertainty for buyers, homeowners and agents, increasing the risk of disputes and unintended outcomes.",{"type":497,"content":505},[506],{"type":449,"attrs":507,"content":508},{"textAlign":376},[509],{"text":510,"type":454},"As currently drafted, the Bill may require sale campaigns to be amended or restarted when reserve prices change, adding unnecessary stress and increasing costs for homeowners and creating ambiguity for buyers.",{"type":449,"attrs":512,"content":513},{"textAlign":376},[514],{"text":515,"type":454,"marks":516},"Misalignment between decision-making authority and legal accountability",[517],{"type":468},{"type":494,"content":519},[520,527],{"type":497,"content":521},[522],{"type":449,"attrs":523,"content":524},{"textAlign":376},[525],{"text":526,"type":454},"The Bill assigns accountability to agents for matters that are fundamentally decisions of the homeowner and\u002F or the buyer.",{"type":497,"content":528},[529],{"type":449,"attrs":530,"content":531},{"textAlign":376},[532],{"text":533,"type":454},"Requiring an agent to determine or propose a reserve price misrepresents the role of the agent in the sales process. A reserve price is a personal decision made by the homeowner, reflecting their individual financial circumstances and objectives.",{"type":449,"attrs":535,"content":536},{"textAlign":376},[537],{"text":538,"type":454,"marks":539},"Reduced flexibility and increased cost for homeowners",[540],{"type":468},{"type":494,"content":542},[543,550],{"type":497,"content":544},[545],{"type":449,"attrs":546,"content":547},{"textAlign":376},[548],{"text":549,"type":454},"The repeal of Section 27 would replace a well-established statutory entitlement to the early release of deposit monies (supported by clear safeguards and buyer protections) with a contractual arrangement. This will disadvantage homeowners who rely on deposit funds to secure their next property and increases their borrowing costs during a period of cost-of-living pressures.",{"type":497,"content":551},[552],{"type":449,"attrs":553,"content":554},{"textAlign":376},[555],{"text":556,"type":454},"The proposed requirements prevent buyers and sellers from entering into a contract where a Section 32 has been available for less than 14 days, regardless of whether both parties are willing to transact. This restriction risks limiting consumer choice and delaying transactions without a clear policy justification or demonstrated consumer benefit.",{"type":449,"attrs":558,"content":559},{"textAlign":376},[560],{"text":561,"type":454,"marks":562},"Unnecessary duplication and regulatory cost",[563],{"type":468},{"type":494,"content":565},[566,573],{"type":497,"content":567},[568],{"type":449,"attrs":569,"content":570},{"textAlign":376},[571],{"text":572,"type":454},"The Bill proposes the creation of an additional database of sold prices despite existing mechanisms already capturing and providing access to this information.",{"type":497,"content":574},[575],{"type":449,"attrs":576,"content":577},{"textAlign":376},[578],{"text":579,"type":454},"The duplication of functions raises questions regarding regulatory efficiency, implementation costs and the use of taxpayer resources, without a clear explanation of the additional consumer benefit that would be delivered.",{"type":449,"attrs":581,"content":582},{"textAlign":376},[583,585,591],{"text":584,"type":454},"The key concerns and recommendations can be",{"text":586,"type":454,"marks":587}," ",[588],{"type":457,"attrs":589},{"color":590},"#4472C4",{"text":592,"type":454,"marks":593},"found here.",[594,599,601],{"type":595,"attrs":596},"link",{"href":597,"uuid":376,"anchor":376,"target":598,"linktype":370},"https:\u002F\u002Fa.storyblok.com\u002Ff\u002F224482\u002Fx\u002F9f6c6a8a74\u002Freiv-response_cla-2026.pdf","_blank",{"type":457,"attrs":600},{"color":590},{"type":468},{"type":449,"attrs":603,"content":604},{"textAlign":376},[605],{"text":606,"type":454},"While the REIV is supportive of improving transparency in Victoria’s real estate market, the Institute is concerned this Bill will result in poorer outcomes for buyers and homeowners.",{"type":449,"attrs":608,"content":609},{"textAlign":376},[610],{"text":611,"type":454},"Toby Balazs, CEO of the REIV, said that many of the proposed changes add significant complexity to the sales transaction and are unlikely to deliver meaningful benefits for buyers or homeowners.",{"type":449,"attrs":613,"content":614},{"textAlign":376},[615],{"text":616,"type":454},"“We have serious concerns that many of these changes are intentionally vague and demonstrate a lack an understanding of a property transaction process in Victoria. If passed in its current form, this Bill will have the unintended effect of increasing litigation risk for all parties involved in real estate transactions.",{"type":449,"attrs":618,"content":619},{"textAlign":376},[620,622,623,624],{"text":621,"type":454},"“Our recommendations are pragmatic, backed by experience and presented as effective measures to drive greater transparency in the Victorian real estate market.”",{"type":461},{"type":461},{"text":625,"type":454,"marks":626},"Read the REIV Response",[627,629],{"type":595,"attrs":628},{"href":597,"uuid":376,"anchor":376,"target":598,"linktype":370},{"type":630,"attrs":631},"styled",{"class":632},"button button--solid",{"type":449,"attrs":634,"content":635},{"textAlign":376},[636],{"text":637,"type":454}," ",{"type":449,"attrs":639,"content":640},{"textAlign":376},[641,647,648,657,661,663,669,678,679],{"text":642,"type":454,"marks":643},"Media Contact:",[644],{"type":457,"attrs":645},{"color":646},"#000000",{"text":586,"type":454},{"text":649,"type":454,"marks":650},"media@reiv.com.au",[651,654,656],{"type":595,"attrs":652},{"href":653,"uuid":376,"anchor":376,"target":376,"linktype":46},"mailto:media@reiv.com.au",{"type":457,"attrs":655},{"color":19},{"type":468},{"text":658,"type":454,"marks":659},"  ",[660],{"type":468},{"text":662,"type":454},"03 9205 6607",{"text":586,"type":454,"marks":664},[665,668],{"type":457,"attrs":666},{"color":667},"#00B0F0",{"type":468},{"text":670,"type":454,"marks":671},"www.reiv.com.au",[672,675,677],{"type":595,"attrs":673},{"href":674,"uuid":376,"anchor":376,"target":376,"linktype":46},"http:\u002F\u002Fwww.reiv.com.au",{"type":457,"attrs":676},{"color":19},{"type":468},{"type":461},{"type":461},"TextContent","small",{"id":376,"alt":376,"name":19,"focus":376,"title":376,"source":376,"filename":19,"copyright":376,"fieldtype":370,"meta_data":683},{},"The Real Estate Institute of Victoria (REIV) has written to all Members of Parliament warning that the Consumer Legislation Amendment Bill 2026 (Bill), unless substantially amended, will create further complexity in property transactions.","NewsDetail",[],"property-sector-warns-consumer-bill-could-backfire","our-industry\u002Fnews\u002Fproperty-sector-warns-consumer-bill-could-backfire",-9220,376271414,"68f25e39-6e6d-4941-a0fb-67def3cfb17e","2026-06-16T23:15:22.378Z",[],[],[]]