Estate Agents Act 1980

In determining the estimate of the selling price contained in an engagement or appointment to sell residential property, the agent or agent's representative must take into account the sale prices of the 3 properties most comparable to the residential property that have been—

sold within the preceding 6 months, if the residential property is located within the Melbourne metropolitan area; or

sold within the preceding 18 months, if the residential property is not located within the Melbourne metropolitan area.

In determining which comparable properties are the 3 most comparable properties for the purposes of subsection (1), the estate agent or agent's representative must have regard to—

the standard and condition of the properties; and

the location of the properties; and

the dates on which the properties were sold; and

any guidelines issued by the Director under section 47AD.

Subsection (1) does not apply if the agent or representative reasonably believes that fewer than 3 comparable properties were sold—

within the preceding 6 months, if the residential property is located within the Melbourne metropolitan area; or

within the preceding 18 months, if the residential property is not located within the Melbourne metropolitan area.

In determining the estimate of the selling price contained in an engagement or appointment to sell residential property, if there is one or 2, but fewer than 3, properties most comparable to the residential property that have been sold—

within the preceding 6 months, if the residential property is located within the Melbourne metropolitan area; or

within the preceding 18 months, if the residential property is not located within the Melbourne metropolitan area—

For the purposes of this section, a residential property is a comparable property if—

it is of a similar standard or condition to the residential property for which an estimate of the selling price is being determined (the first property); and

it is located—

within a 2 kilometre radius of the first property, if the first property is located within the Melbourne metropolitan area; or

within a 5 kilometre radius of the first property, if the first property is not located within the Melbourne metropolitan area.

In this section—