A proposed ban for auction price guides has been delayed while the State Government decide whether to commit to the legislation in its current form.
The Property Occupations Bill 2013 was initially tipped to be debated in parliament this week but was pushed back after a cabinet meeting yesterday.
A spokeswoman for the State Government said the bill was still being discussed and would go to parliament when a final decision was made on the legislation.
The issue of a price ban has divided the real estate industry in Queensland with some enraged agents now threatening to walk away from the peak industry body, the Real Estate Institute of Queensland, which is pushing for the legislative change.
There has also been confusion over how the ban will work with agents asking for clarification on whether auctioneers could tell bidders when a home had met its reserve price.
The proposed ban on price guides is part of a raft of changes to laws governing real estate in Queensland.
The majority have been praised by agents for cutting out red tape and improving their industry but the proposal, which would mean agents could not give buyers an indication of what an auction property would sell for, has split the industry.
The discussion gives hope to agents who are opposing the ban because they believe it will remove transparency and scare away buyers.
McGrath CEO John McGrath said agents had contacted him about their opposition to the laws.
“I have been advised of some 100 agents in Queensland, this number includes our own Queensland agents, that are on the verge of resigning from the REIQ based on their handling and support of the banning of price discussion on auction sales,” he said.
It is understood a group of agents are meeting today to discuss whether they will resign from the REIQ over the ban and how forcefully they will pursue the issue.
The peak body has supported the Bill in full and has said the ban will help the market decide the value of a property and prevent incorrect quoting.
An Opposition spokesman said the Opposition had “grave concerns” about the ban.
“The ban on agents providing price guides for auctions will leave buyers of residential property in the dark, and will be a further disincentive for investment in the Queensland property market,” he said.
“The LNP should be looking at measures that will drive growth and help homebuyers, not stifle investment.”
At the time of publication an online petition to stop the ban had received 1289 signatures since Friday.
Original article published at www.news.com.au by Kieran Rooney, The Courier Mail, 4/3/14