NSW announce reform to property laws

Last week, the NSW Government announced reforms to the Property Stock and Business Agents Act, in a step towards raising the professional standards of the industry. 

The reforms are the first amendments since the law was introduced in 2002 and include higher training standards for agents, tougher audits on trust accounts and higher transparency on commissions received by agents. A new licensee-in-charge qualification will be introduced and new fraud prevention measures will also be imposed.

And whilst we applaud the NSW Government in moving forward, we believe there is a need to introduce a national approach to the real estate industry and to the standards of the industry as a whole. 

Our CEO Peter Hanscomb says: “We have got to have a more national approach and work together better as an industry. It is the only way we are going to protect our industry long-term. We are coming into a different time where every successful business owner in this country is aware that we are under attack by attempted disruption from lots of different sources. And because we are under attack is why we need to come together as a unified group.”