In Short:
– Significant reforms on underquoting were introduced in 2017, following ongoing government complaints regarding the market.
– Proposed legislation includes requiring agents to disclose reserve prices seven days before auctions to enhance transparency.

In this episode of Beyond the Deal, host Dion Besser talks with Nicole Rich from the Consumer Affairs Victoria about the reforms and issues on underquoting schemes.

The Australian government has proposed reforms to tackle underquoting in real estate, prompted by ongoing complaints from buyers. Underquoting has been a contentious issue for years, with Nicole Rich noting frustrations arise when properties sell above advertised prices. Consumer Affairs Victoria has operated an underquoting task force for three years, yet complaints persist.

Deemed misleading

Current laws from 2017 require agents to provide reasonable price estimates and ensure advertising aligns with these estimates. Underquoting occurs when a property is advertised below the estimated price or rejected offers, which is deemed misleading. Recently, guidance on selecting comparable properties was revised, addressing concerns about agents cherry-picking data.

Proposed reforms include requiring agents to disclose the reserve price a week before auctions, improving transparency for buyers. While the Queensland model of not disclosing prices has mixed opinions, Rich believes that seven days provides a reasonable timeframe for market testing.

Discussions also explore a potential registration system for bidders to foster fair competition. Rich emphasizes that the industry must comply with laws, and buyers should educate themselves on local prices. Collaboration among all parties is crucial to eliminate underquoting and ensure transparency in the market.

In Short:
– Leanne Tritton discusses building reuse and urban revitalisation with Belinda Coates, highlighting Don’t Waste Buildings’ advocacy.
– Tritton highlights financial disincentives for reuse, London’s retrofitting success, and the need for clearer policy frameworks.

Leanne Tritton, co-founder of Don’t Waste Buildings, discussed asset revitalization and urban futures in a recent interview with host Belinda Coates. Don’t Waste Buildings, co-founded by Tritton, Will Hurst, and Richard Nelson, advocates for reusing existing buildings as the most sustainable choice. The group views these structures as community resources rather than mere assets.

In the UK, many buildings face unnecessary demolition yearly. Tritton highlighted that the financial system discourages reuse, particularly outside London. New constructions benefit from zero VAT, while reusing existing buildings is burdened by a 20% VAT, complicating the process for small to medium enterprises.

Retrofit Policies

Tritton praised London as a leader in retrofitting, showcasing innovative reuse of even mundane buildings from the 1960s. However, she noted a “confused” policy environment, where local authorities vary in their commitment to retrofit policies despite national goals aimed at achieving net-zero emissions by 2050.

While Tritton recognizes that some buildings may need demolition due to structural issues, she suggests a broader perspective on preservation. She emphasized that recent constructions often have shorter lifespans, citing the Broadgate Tower as an example.

The Don’t Waste Buildings group aims to develop an AI model to gather global best practices in building policy. For further information, visit dontwastebuildings.com.

In Short:
– Vishal Amin founded Until in 2021 to redefine wellness spaces, focusing on flexibility and community for practitioners.
– Until plans to expand into the US and the Middle East, emphasising a technology-driven model and strong brand.

Until founder Vishal Amin joins Belinda Coates on The Connector to explain how the company is reshaping the wellness landscape. Born from Amin’s personal frustration navigating fragmented health services, Until brings practitioners together under one roof to give customers true continuity of care.

The platform removes the old reliance on long-term leases by providing flexible, modern spaces tailored to the post-COVID world. Practitioners—from personal trainers to medical and dental specialists—can run their businesses without the financial risk or operational headaches of traditional real estate.

Today, more than 450 experts collaborate inside Until’s locations, forming a thriving community that shares knowledge, clients, and support.

Amin says the industry first doubted the model, but its success speaks for itself. With strategic sites across London, a new location opening in Canary Wharf, and expansion plans into the US and Middle East, Until aims to scale a global network built on technology, community, and better economics for those who keep us well.