What is this about?
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:
- improve entry standards and training requirements for the real estate and property industry
- ensure proper career pathways and professional development through enhanced continuing professional development (CPD)
- increase consumer protection measures through changes to trust accounting and higher standards of accountability
- strengthen NSW Fair Trading’s powers to take action on rogue agents.
Latest Update: 25th January 2018. Leverage has acquired a copy of the NSW Real Estate Reform draft bill and the 2nd reading speech. We have summarised the Draft Bill and written our own paper on the reforms and how they will affect you and your business. Give Leverage a call 1300 438 538.
The Bill and the Second Reading speech are available from the NSW Parliament website. Changes to regulations and guidelines which support the operation of the Bill will be developed during the course of 2018.
For more information about the proposed changes and for updates on the progress of the proposed reforms, read the Real estate and property industry reforms page or Frequently Asked Questions on the NSW Fair Trading website.