PropertyBuzz, your daily dose of property news.
US Lawsuit Threatens to Shake Up US Property Market!, Australia’s corporate regulator Reveals Home Loans as the number one Licensee Breach, and a fresh warning to avoid one Melbourne-based Kitchen and Bathroom Reno Company.
Welcome to Property Buzz! I’m Kyle Robbins.
Today is Thursday, the 2nd of November.
-Over in the US, a Missouri court has ruled against the National Association of Realtors and major agencies, with a jury awarding nearly $1.8 billion in damages to nearly half a million homeowners.
– The lawsuit accused the association and residential agencies of conspiring to keep home sales commissions artificially high.
– While a different market in the United States to Australia, the verdict could end the practice of sellers paying buyers’ agent fees, and allow agents to set their own commission rates.
– We’ll be watching this case closely, as NAR plans to appeal the decision, which could reach the US Supreme Court.
Back in Australia
– Australia’s corporate watchdog, ASIC, has revealed credit issues, particularly home loans, were the most common issues reported in the 2023 financial year.
– Australian credit licensees are required to submit notifications about reportable situations to ASIC, with the most common issue being false or misleading statements.
– ASIC said staff negligence and/or error was the primary root cause of reported breaches. 70 per cent of all reports were lodged by just 21 licensees.
– Eight in 10 reports received had impacted customers, with financial losses to customers totaling nearly $450 million.
– Consumer Affairs Victoria has issued a public warning against Ultimate Kitchens & Bathrooms, due to numerous consumer complaints.
– The company is accused of taking payments for kitchen and bathroom renovations, failing to fulfill contracts, and not responding to consumers.
– Consumer Affairs Director Nicole Rich urged consumers to be cautious when dealing with the company.
– This warning follows a similar alert about Melbourne-based removalist company, CBD Movers, which had 89 complaints lodged against it for unprofessional conduct and failure to accept liability for damages.
That’s all for today.
See you again tomorrow, the 3rd of November, for your daily dose of Property Buzz.