Trade Practices

The Australian Competition and Consumer Commission, in consultation with the Real Estate Institute of Australia, has prepared a guide specifically for the real estate industry to inform about rights and responsibilities under the Trade Practices Act. Topics covered include the GST, unconscionable conduct, franchising, agency services, land, and pricing.

Adhering to the Trade Practices Act is good management practice and will contribute to the success and profitability of a business.

The Act encourages a fair and competitive environment for efficient and innovative small business. It prohibits anti-competitive mergers, cartels, the misuse of market power, market sharing and price fixing — all of which often harm the operations of small business. Small businesses are also protected by the Act’s unconscionable conduct provisions and by the Franchising Code of Conduct, as well as having special obligations under the new price exploitation provisions. The ACCC has publications targeted at small business available on these matters. Visit the ACCC website at www.accc.gov.au for further information.

Fair and Square

The ACCC has released a new edition of Fair and Square, its guide to the Trade Practices Act for the real estate industry.
To obtain a copy, visit: the ACCC's "Fair and square—a guide to the Trade Practices Act" page

Guidelines to the Trade Practices Act

In August 2004,in consultation with the ACCC, the REIA has developed guidelines which address issues identified by the ACCC and provide a consistent nation-wide approach for real estate agents to comply with the Trade Practices Act.
Click here for a full copy of the guidelines.

Click here for information sheets (.pdf files) on:
Auctions
Description of property
Misleading and deceptive conduct
Photographic representations
Price offering
Price ranges for properties
Rebates on advertising
Two-tier marketing

New guidelines on GST and price advertising

The ACCC has expressed concerns about advertised prices that do not include all known price components and has commenced policing several major industries to ensure that advertising of prices includes all known price components.
Click here for the REIA Guidelines for GST Price Advertising, prepared in consultation with the ACCC.