The NSW Government released a Real Estate and Property Services Industry Reform Paper (the Reform Paper). Submissions in response to the Reform Paper were due by 5 December 2016. These will be considered as part of the law review process.
The real estate sector is integral to the economic prosperity of New South Wales. It is estimated that the sector in NSW is worth more than $15 billion per year.
The overwhelming majority of real estate agents are hardworking individuals who bring skill and integrity to their profession. Agents routinely deal with large amounts of their clients’ money. The laws must provide consumers with sufficient protection while encouraging ethical, competent and professional conduct in the industry.
To support the professionalism of the sector into the future, the Reform Paper sets out a path to:
Key industry associations have expressed strong support for measures that will improve the skills of real estate and property services practitioners, and raise professional and educational standards.
A review of training for licensed occupations in the property services industry was completed and the final report made available in June 2016. Following public and industry consultation across NSW, the review made several recommendations regarding licensing, qualifications and continuing professional development (CPD). These recommendations are reflected in the Reform Paper.
The Property Stock and Business Agents Act 2002 has not had a substantial review for 20 years. Since that time, the commercial landscape has changed significantly due to market pressures and the growth in strata management services. The NSW Government has introduced significant reforms in the last 18 months to strengthen consumer protection in regard to underquoting, sunset clauses (used to end contacts for off-the-plan property) and reducing the cost of pre-purchase inspection reports.
The Reform Paper sets out the NSW Government’s vision for the industry in both the short and longer terms.
The main proposed changes are as follows:
The Reform Paper was publicly released for feedback on the detail and timing of the reforms. Please read the following documentation:
Submissions were due by 5 December 2016.
We prefer to receive submissions by email at firstname.lastname@example.org
You can also refer to our Frequently Asked Questions – property industry reforms page.
Fair Trading reviews all feedback, which may result in further amendments to the reforms. If required, we may conduct further targeted consultation on any key issues identified. If you submit feedback, you will be notified when the reforms are finalised.