Since the current Property Stock & Business agents act was introduced to law, the commercial landscape has changed dramatically. The licencing framework for the real estate sectors last full review was back in 1997. According to the Australian Bureau of Statistics, the real estate sector in New South Wales is worth more than $15 billion dollars per annum to the economy.
On Saturday 5th November 2016, Victor Dominello, Minister for Innovation & better Regulation, published the "Real Estate & Property Services Industry Reform Paper". In short its objectives are:
• NSW Governments vision for the industry for the future
• Short / long term changes to the sector
• Proposed revised training pathways
• Greater transparency and accountability
• Opportunities for co industry regulation
• Improved trust account processes
• More effective discipline measures
• Independent dispute resolution
• Digitisation of the sector
We suggest all agents have a read
and give input to help shape the future of the property industry.