Price Advertising Laws You Should Know
Price advertising regulations vary state by state.
It’s important to follow these price guides, as your listing could be flagged and taken off the market until it has been fixed. We certainly wouldn’t want that!
Below is a summary of pricing regulations by state.
VIC & NSW
Properties located in Victoria and New South Wales are strictly required to display their sale price in one of three ways:
- Price range ($XXX,XXX – $YYY,YYY)
- *Note: The price range must not exceed 10%. For example, $500,00 to $550,000 is acceptable. However, $500,000 to 575,000 is not.
- Flat price ($XXX, XXX)
- Text en lieu of a dollar amount by using one of the following:
- EOI – Expressions of Interest
- POA – Price on Application
Sale prices for properties in NSW & VIC cannot be open-ended. For example:
- From $XXX,XXX
- Offers Above $XXX,XXX,
- $XXX,XXX plus or $XXX,XXX+
*Note: If a potential buyer makes a written offer within your price range but you decide to reject it, you must update your listing to reflect the new price you are willing to accept. For example, if your price range is $549,000 – $569,000 and you reject a written offer for $550,000, then you must update your price range to reflect your decision. So, your property’s new display price would need to be adjusted to $555,000 – $575,000, for example.
WA, SA, QLD, ACT & TAS
These states have more flexible pricing regulations. Below is a list of the acceptable pricing formats for WA, SA, QLD, ACT & TAS. However, please note this is not an exhaustive list.
- From $XXX,XXX
- Offers Above $XXX,XXX
- $XXX,XXX plus or XXX,XXX+
- $XXX,XXX – $YYY,YYY (price range)
- $XXX,XXX (flat price)
- EOI: Expressions of Interest
- POA: Price on Application
- ACT & QLD: If you are selling by auction, you must state this as your ‘display price’
*Note: If you decide to display a price range, it must not exceed 10%. For example, $500,00 to $550,000 is acceptable. However, $500,000 to 575,000 is not.
Now that you know how to display your property’s price in accordance with state regulations it’s important to ensure you have set a fair and realistic sale price. Click here to learn how to value your home and set an accurate sale price for your property. This plays a key role in achieving a successful sale!
If you have any questions, please don’t hesitate to contact our Private Property Specialists on 1300 289 697.