REIV proposes digitising hard copy documentation at Victorian public auctions
Date: 30 Apr 24
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, calling for an amendment that allows for the digital provision of documentation at auctions.
For more than 70 years, all publicly advertised auctions in Victoria have required the auctioneer to make hard copy documentation available for public inspection no less than 30 minutes before the auction starts. These include copies of the Auction Rules, Auctioneer’s Statement, Statement of Information, Contract of Sale, The Due Diligence Statement and The Privacy Statement.
With the Sale of Land (Public Auctions) Regulations 2014 due to sunset on 24th June 2024, the REIV has proposed an amendment that allows for the option to provide the documents electronically.
Megan Mander, Interim CEO of the REIV, says the digitisation of auction documents aligns with modern practices seen elsewhere in Victoria.
“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 Ms Mander.
“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.”
Media Contact:
REIV: [email protected] 03 9205 6607