The Australian Competition and Consumer Commission has revoked its authorisation for the scale of maximum fees used by the Real Estate Institute of the ACT with effect from tomorrow (1 July 1999).
This means that from tomorrow, real estate agents fees in the ACT will be fully negotiable.
The decision was supported by REIACT and also the ACT Consumer Affairs Bureau.
The decision is the final step in an change from an environment before the introduction of the Trade Practices Act in 1974, when fees were generally fixed and not subject to negotiation, to one where real estate agents fees are entirely a matter of negotiation between vendors and agents and competition between agents.
The decision also brings the ACT into line with most other States and Territories in Australia where maximum fee scales have been abolished.
This means that from tomorrow, real estate agents fees in the ACT will be fully negotiable.
The decision was supported by REIACT and also the ACT Consumer Affairs Bureau.
The decision is the final step in an change from an environment before the introduction of the Trade Practices Act in 1974, when fees were generally fixed and not subject to negotiation, to one where real estate agents fees are entirely a matter of negotiation between vendors and agents and competition between agents.
The decision also brings the ACT into line with most other States and Territories in Australia where maximum fee scales have been abolished.