Competition In The Real Estate Industry – More Than Just A Dream?

Posted on May 3, 2007 by | 0 Comments

Peter Mericka B.A., LL.Bby Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate

The Estate Agents Council has announced that it is to enquire and report to the Minister for Consumer Affairs on the scope of the licensing system under the Estate Agents Act 1980.

According to the Terms of Reference:

“The objective of the enquiry is to establish the industry’s perspective on the feasibility of creating greater competition within the real estate industry.

In undertaking this enquiry, the EAC should endeavour to assess the benefits and costs of broadening the scope of the existing licensing system in Victoria. In particular, it should attempt to quantify any advantage or detriment that it identifies that might be incurred by consumers and others arising as a result of broadening the licensing system.”

Consumers in Victoria have had to carry the weight of unfair real estate commissions for too long. In the absence of competition (estate agents compete among themselves within the walls of their monopoly, but have never been exposed to true market competition) the real estate industry has grown fatter, lazier and greedier than ever before. The opportunity to dismantle this monstrous monopoly is here. Let’s do something serious about it!

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