Market Update

As autumn colour enchants our neighbourhoods, latest data continues to point to favourable local real estate market conditions. Regional SA and NT continued to perform well in the past quarter with a 2.4% and 0.5% increase in home values respectively. Some of our offices have noticed slightly decreased buyer enquiry, however sales volumes and days on market have remained steady in the past month throughout SA and NT. Analysts are predicting interest rates are either at the peak at 3.85% or have one more 0.25% rate increase to go before starting to drop at the end of 2023. This should bring increased confidence into the sector and points to stable second half yearly results.

Agents Legal Responsibilities

What should you look for in a Real Estate Agent, working out who is best to sell your property?

Legally agents are required to be registered, to be registered they must have completed a minimum of a Cert IV in Real Estate Sales or a Diploma in Real Estate.

All agents are required to give you a Form R1 which is a legislated form giving a guide to what is required by a Real Estate Company when signing up your property for sale.

Agents can only sign your residential property up for a maximum of 90 days and then have to renew your agency if they wish to carry on selling your property. They should always do this on a Sales Agency Agreement.

You can sign up an agency for 1 day, or any number of days you choose up to a maximum of 90 days. So if an agent says they have a buyer for your property you could give them a 7 day agency so they can introduce that buyer and any others they might have.

If you want to buy a house and your offer is subject to the sale of your home, You do not have to sign a sales agency with that agent to sell your house. In fact the act discourages you to do this unless the agent gets you to sign a Form R6 which states they get you to declare that the agent has made you aware of the conflict of interest under the act and you waive your rights.

All of regulations that where brought in under the new act in 2004 after the Rau Review into Real Estate practices ensured agents became accountable for their actions and practices, which I believe was a good thing.

All the details with regards to the Form R1 to Form R7 are available on the CBS website. All real Estate Agents are now accountable and should act with integrity, honesty and work with the requirements of SA Real estate Regulations and Acts.

If you ever want to talk about your rights under the act give me a call on 0407261685 for a chat.

Roger Smith

Over 17 Years as an Agent

Extensive knowledge of the Fleurieu Pennisula

Avid Golfer

Husband to Deb, Father to Amy 10 & Charlie 9

Monster Car Enthusiastic