NSW Fair Trading has been given a dedicated real estate division that will have responsibility for all real estate and property functions, including industry regulation.
Fair Trading assistant commissioner Andrew Gavrielatos will head the division and hold responsibility for the establishment of a real estate qualifications review committee.
“The division will conduct random and proactive audits to ensure industry compliance on matters including licensing, trust account management and underquoting,” according to the government.
“The committee will review training requirements to upskill the real estate industry and ensure consumer protection.”
Real Estate Institute of NSW chief executive Tim McKibbin praised the government’s reform. “We welcome the initiative and the opportunity to work more collaboratively with the regulator to improve entry-level education, training for the maintenance of professional skills, and improvements to the regulatory environment that will generate efficiencies, economies and foster consumer confidence,” he said.
Victor Dominello, the minister responsible for real estate, said the industry is integral to the state’s economic prosperity.
“The local industry continues to grow, with a 16 per cent increase in the number of real estate agents completing their qualifications last year,” he said.
“This new division will facilitate relationships between government and industry, and provide for licensing that better balances industry needs with consumer protection.”
[Related: NSW releases new underquoting guidelines]