Always Use Licensed Australia Estate Agents

Most property in Australia is bought and sold through Australia estate agents, who sell property on commission for owners.

When buying property in Australia, always use licensed Australia estate agents. The Real Estate and Business Agents Act imposes obligations and requirements on licensed agents, which protect both buyers and sellers by creating a source of legal redress in the event of error, loss, misrepresentation or negligence. However, the act doesn't apply to private sales where no Australia estate agents are involved.

You should check that Australia estate agents you are planning to work with are members of the Real Estate Institute of Australia (REIA), Level 1, 16 Thesiger Court (PO Box 9068), Deakin, ACT 2600 (Tel. 02-6282 4544, www.reiaustralia.com.au), which is the umbrella organisation for state real estate organisations. In July 2000, the Property Agents and Motor Dealers Act came into force, whereby Australia estate agents are obliged to adhere to a code of conduct (of which you can request a copy) and incur harsher penalties for providing false or misleading information. Australia estate agents must also have professional indemnity insurance.

REIA is a politically non-aligned organisation that provides researched and well-informed advice to the Federal Government, Opposition, media, and the public on a range of issues affecting the property market. REIA has an excellent reputation as the most credible source of knowledge and considered opinion regarding the commercial and residential property markets in Australia.

REIA has eight members, comprised of the State and Territory Real Estate Institutes, through which about 80 per cent of real estate firms and licensed Australia estate agents are collectively represented.

REIA has entered into strategic alliances with the National Real Estate Franchise Association of Australia (NREFA), First National Real Estate and Australian Commercial Property Agents Association (ACPAA), strengthening its research and policy focus in residential and commercial real estate.