Member for Davidson, Jonathan O’Dea has welcomed the release of the NSW Government’s Real Estate and Property Services Industry Reform Paper that aims to strengthen industry standards and better protect consumers.
The paper outlines the Government’s vision for NSW’s $15 billion real estate and property sector, with a strong focus on raising training standards, increasing transparency and accountability, and strengthening trust account processes.
“The NSW Government wants to ensure that our real estate sector has the highest levels of professional standards and the strongest consumer protections in the country”, Mr O’Dea said.Mr O’Dea said the reforms signalled the largest suite of reforms to the sector in a generation and focus on four key areas:
- Improving entry standards and training requirements for the real estate and property industry;Ensuring a greater level of professionalism among agents through enhanced continuing professional development (CPD) programs;
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Increasing consumer protection measures through changes to trust account management and higher standards of accountability; and
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Strengthening NSW Fair Trading’s powers to take action on rogue agents.
“Purchasing or selling a property is the largest single transaction most families will make in their lifetime. Consumers need certainty that suitably qualified agents are managing this process,” Mr O’Dea said.
The reforms announced by the NSW Government also set the highest standards for consumer protection found anywhere in the country. Greater conduct and accountability requirements, enhanced audit processes for trust accounts managed by agents, and more effective disciplinary provisions will help ensure consumers are better protected.
The reforms follow extensive public consultation and collaboration with industry stakeholders. The paper is available for feedback at www.fairtrading.nsw.gov.au. Submissions close on 5 December 2016.
