This article is from the Australian Property Journal archive
VICTORIA’S peak real estate agents body has called on the state government to digitise hard copy documentation at auctions.
The Real Estate Institute of Victoria (REIV) has made a submission to the Victorian Government’s review of Sale of Land (Public Auctions) Regulations 2014, asking for a small amendment that would allow for the digital provision of documentation at auctions.
Currently, all publicly advertised auctions in Victoria require the auctioneer to make hard copy documentation available for public inspection no less than 30 minutes before the auction starts.
This documentation includes copies of Auction Rules, Auctioneer’s Statement, Statement of Information, Contract of Sale, The Due Diligence Statement and The Privacy Statement.
“This is a simple amendment that will positively impact both the quality of auctions and their environmental footprint. It’s also about modernising Victoria’s public auction practices to ensure they reflect common digital best practices already used in real estate and other industries,” said Megan Mander, interim CEO at REIV.
“With 37,000 auctions taking place each year across Victoria, it’s important we take steps to keep these events modern, transparent and fair for participants, but without the environmental burden.”
The Sale of Land (Public Auctions) Regulations 2014 is currently due to sunset on 24 June 2024 after 10 years.
