Is mandatory disclosure an effective consumer protection mechanism in Australian real estate markets? The perspective of Queensland industry experts
(2006) Is mandatory disclosure an effective consumer protection mechanism in Australian real estate markets? The perspective of Queensland industry experts. In Proceedings Social Change in the 21st Century Conference 2006, QUT Brisbane.
Full text available as: |
Abstract
This exploratory qualitative study investigates the reaction of the selling side of the real estate market to the mandatory disclosure of information as a consumer protection mechanism in residential property transactions, the largest purchase most consumers will ever make. In Australia, where mandatory disclosure requirements for vendors, mortgage providers and real estate agents vary on a state by state basis from stringent to no formal legal information requirements, little is known about the relative effectiveness of different disclosure regimes or whether the red tape and compliance costs of disclosure may outweigh the benefits. To address this research gap, in-depth interviews were conducted with five Queensland industry experts (lawyers, real-estate agents, and a mortgage provider). These interviews highlight the transaction costs and benefits of disclosure from the perspective of the supply side of the market, and raise questions about the perceived legal, economic and social effectiveness of mandatory consumer protection mechanisms in the Australian real estate market. Future research directions are outlined in light of these preliminary findings.
| Item Type: | Conference Paper |
|---|---|
| Status: | Published |
| Keywords: | consumer protection; mandatory disclosure; residential property; compliance costs; industry perspective |
| Subjects: | 370000 Studies in Human Society > 370100 Sociology > 370107 Social Change 370000 Studies in Human Society > 370100 Sociology > 370105 Applied Sociology, Program Evaluation and Social Impact Assessment |
| ID Code: | 6637 |
| Deposited By: | Willans, Bernadette |
| Deposited On: | 16 March 2007 |
| Copyright Owner: | Copyright 2006 (The authors) |