Price Advertising Laws You Should Know
Who knew there were rules around the different ways to display a property’s sale price?
Well, now you know! The regulations vary state by state, so it’s important to pay attention. To our folks in New South Wales and Victoria, let’s just say you’re not as free as the other birdies. Before you go and start freaking out, please don’t. How you display your property’s sale price won’t make or break your success in selling privately. If anything, it will provide you with best practices and a bit of guidance to get you started on the right foot.
We’ve taken the time to summarise what you need to know based on your state. However, it’s a good idea to do your own research too.
VIC & NSW
Properties located in Victoria and New South Wales are strictly required to display their sale price in one of three ways:
- Establish a price range ($XXX,XXX – $YYY,YYY)
- Note: The price range must not exceed 10%. For example, $500,00 to $550,000 would be acceptable. However, $500,000 to 575,000 is not permitted.
- Set a flat price ($XXX, XXX)
- Or, display text instead of a number by using one of the following:
- EOI – Expressions of Interest
- POA – Price on Application
As enticing as it is, you cannot display your property’s sale price as ‘ open-ended’. Take the following as examples of what to avoid.
- From $XXX,XXX,
- Offers Above $XXX,XXX,
- $XXX,XXX plus, or $XXX,XXX+
It’s also important to remember that if a potential buyer makes a written offer that is within your price range but you decide to reject the offer, you must update your listing to show the new price you are willing to accept.
For example, if you list your property for ‘$549,000 – $569,000’ and you reject a written offer for $550,000, you must update your price range to reflect your decision. So, your property’s new display price might be something like $555,000 – $575,000.
WA, SA, QLD & TAS
Lucky for you folks, your states are a lot more flexible with how you display your property’s sale price.
The following are examples are acceptable for you to use. However, please keep in mind this is not an exhaustive list.
- From $XXX,XXX
- Offers Above $XXX,XXX
- $XXX,XXX plus, or XXX,XXX+
- Price Range: $XXX,XXX – $YYY,YYY
- Flat Price: $XXX,XXX
- EOI: Expressions of Interest
- POA: Price on Application
Note: If you decide to display a price range, it must not exceed 10%. For example, $500,00 to $550,000 would be acceptable. However, $500,000 to 575,000 is not permitted.
Now that you’re aware of how to display your property’s price in accordance with state regulations, it’s important to ensure you’re not under or over quoting your property’s price. This can cause trouble when it comes to negotiating with buyers and no one wants that! The key is to make sure you’re setting a realistic sale price. Get those two things nailed, and you’ll be well on your way to a successful sale.