The New South Wales Government has introduced a new Real Estate and Property Division within NSW Fair Trading, which will take responsibility for all real estate and property functions, including industry regulation.
Minister for Innovation and Better Regulation, Victor Dominello, said in a statement that the real estate industry was integral to NSW’s economic prosperity, with the sale and rental of property impacting on millions of NSW citizens each year.
“The local industry continues to grow, with a 16% increase in the number of real estate agents completing their qualifications last year,” said Mr Dominello.
“This new division will facilitate relationships between government and industry and provide for licensing that better balances industry needs with consumer protection.”
The division will conduct random and proactive audits to ensure industry compliance on matters including licensing, trust account management and underquoting.
It will also provide new resources to the industry, including an online rental bond system, forms accessible via mobile devices, and a user-friendly tool kit for property professionals.
The new division will be headed by Fair Trading assistant commissioner, Andrew Gavrielatos. One of Mr Gavrielatos’ first duties in the role will be the establishment of a Real Estate Qualifications Review Committee, which will review training requirements to upskill the real estate industry and ensure consumer protection.
Mr Gavrielatos said he was looking forward to collaborating with the real estate sector.
The Real Estate Institute of NSW (REINSW) president Malcolm Gunning has welcomed the creation of the Real Estate and Property Division.
“We are very supportive of the minister’s reform of the regulatory environment and in particular training requirements for the profession,” said Mr Gunning.