In order to avoid the practise of underquoting or “bait pricing” (when agents advertise a price that is misleading) many state governments have now introducted specific rules about exactly how you can display your price. In states with very strict rules or where no text is allowed at all, we have removed the custom price option for your convenience and peace of mind.
We hope the summary below helps you understand your obligations when advertising your price. If you’d like further information, just get in touch with us.
Rules for all states
You must not advertise a price that is lower than the minimum price you would accept.
No price advertised may be false or misleading
Additional rules for QLD
You may use the “Offers Over” text in your price but the price you list *must* represent the minimum price you would accept.
Additional rules for NSW
If using a price range e.g $500,000 – $550,000 the two figures must be within 10% of each other, and the lower figure must represent a price you would actually accept.
“Offers Above”, “Offers Over” and the “+” symbol are no longer allowed at all
Additional rules for VIC
You must only use the phrases “Nearest Offer”, “Near Offer” or “Best Offer” if you can prove you would actually sell for a lower offer than the price you are advertising.
You must not use the “+” or “>” symbols, or the phrases “From”, “Greater Than”, “Expect Over”, or “Offers invited from”
Additional rules for SA
You cannot use any words or symbols to advertise your single price (e.g. $400,000+ or mid $400’s is not allowed).
You can use words to describe a price range.