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NSW could see new property compliance reforms that would mimic Victoria’s own model, after Australia’s top-selling agent gets suspended over several alleged breaches.
NSW Fair Trading is considering putting in place real estate compliance reforms akin to Victoria’s current model to give buyers extra transparency.
The news comes after top real estate agent Josh Tesolin’s suspension from trading for 120 days, following several alleged breaches.
These include underquoting on more than 100 properties, dummy bidding, and producing false documents.
According to the NSW’s Minister for Better Regulation and Fair Trading, new reforms are being considered that would mimic Victoria’s laws in a bid to curb non-compliance.
“The Minns Labor government is always looking at options to improve protection for consumers in the property market,” a spokesperson said.
“NSW Fair Trading is currently consulting with key stakeholders on a range of potential reforms, including increased penalty amounts for non-compliance and a similar model to Victorian laws that give extra transparency on pricing for buyers.
“We’ll have more to say about these potential reforms before the end of the year.”
In Victoria, agents who fail to comply with underquoting laws risk a penalty of more than $36,000.
For offences that are more serious, agents may also lose any commission received for selling the property.
Under NSW laws, agents who underquote a property can face fines of $22,000, or similarly lose their commission and fees gained from selling the property.
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