NSW government continues crackdown on real estate sector
With the real estate sector continuing to boom across NSW, Fair Trading inspectors are out in force to ensure agents are complying with legislation in place to protect consumers.
Minister for Better Regulation, Kevin Anderson said dodgy agents can be fined up to $22,000 for failure to comply with the Property Stock and Business Agents Act.
“Buying, selling or renting a home is a massive financial decision for consumers which is why we have strong legislation and a fiercely independent regulator to ensure real estate agents are conducting themselves appropriately,” Mr Anderson said.
“Our inspectors have been out visiting agencies, auctions and open homes across the state to make sure agents are doing the right thing and fining those who aren’t.
“The latest checks uncovered a myriad of non-compliance, and we will continue to conduct these blitzes until the industry pulls its socks up.”
Mr Anderson said in the last two week-long blitzes alone, NSW Fair Trading has issued 137 Penalty Infringement Notices and 224 warnings, with fines totaling $150,710.
“We are the only state in Australia to carry out regular real estate compliance blitzes and that is due to the NSW Government’s commitment to protect consumers,” Mr Anderson said.
“This is exactly what NSW Fair Trading is here to do – make sure businesses are following the rules with the goal of protecting the interests of consumers both buying and selling properties.”
NSW Fair Trading will continue to conduct real estate compliance blitzes throughout the year.
To find out more about underquoting under the Property, Stock and Business Agents Act, visit the Fair Trading website.