The PSBA Amendment (Property Industry Reform) Bill 2017 has been passed by the Legislative Assembly

Over the past 18 months the Estate Agents Co-operative has been working with NSW Parliament and the Office of Fair Trading in relation to the Property, Stock and Business Agents Amendment (Property Industry Reform) Bill 2017. On the 13 February 2018 the Bill was passed by the Legislative Assembly. It is expected that the Legislative Council debate will commence in early March.

A number of members of parliament echoed the minister’s commendation to EAC and other industry bodies for their significant contribution to the reform package.

David Crombie, CEO of EAC says “For many years, EAC has called for several of the changes proposed under the reforms. We believe that many of the challenges faced by the industry can be met by raising the profile and professionalism of the industry. This can only be achieved by increasing entry level standards, the level of experience required before starting a real estate business and relevant training with real purpose. This can only result in a better consumer experience.”

The changes that will take place in the real estate industry from a legislative, compliance and business perspective will be some of the most significant in recent memory and will affect everyone that works within and with a Real Estate Office.

EAC will continue its work as part of the NSW Real Estate reference group and with NSW Fair Trading during the process and will work with our members to assist them during the transition period.

The amendment can be found here. If you would like to read the HANSARD transcript from the Legislative Assembly in relation to the discussion you can find it here.

EAC will be discussing the proposed changes as part of our Insight 2018 seminars. The latest event information and registration can be found on our EAC Insight 2018 page.

The EAC Team

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