Overhaul of property laws and a key strata update
 
Fair Trading enquiries
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Real estate and property industry reforms paper released

7 November 2016

The NSW Government has released a Real Estate and Property Services Industry Reform Paper.

The reforms are relevant to all real estate and property services professionals. The proposed changes will overhaul property laws 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.

Find out more about the reforms on the Fair Trading website, where you can download the Reform Paper.

To help you understand the impact of the changes for current and future practitioners, refer to our questions and answers on the reforms.

You can also read the media release: Reforms to Strengthen the Real Estate Sector

 

Strata laws update

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The final Strata Schemes Development Regulation 2016 has now been published. This regulation, and the Act that it supports, will be administered by NSW Land and Property Information. The final regulation is available on the NSW Legislation website.

NSW Fair Trading will administer the Strata Schemes Management Regulation 2016.

If you haven’t attended a strata reforms information session yet there is still time to register.

 
fairtrading.nsw.gov.au