Real estate reforms

The NSW Commissioner for Fair Trading will be writing to all property licence and certificate holders shortly advising of an update on the real estate reforms.

SCA (NSW) is able to provide you with access to that letter here.

The main points to note are that the reforms are meant to:

  • Change how property agents become qualified and maintain their knowledge
  • Provide a learning pathway for new entrants
  • Make sure a person’s duties align with their level of qualification
  • Enable businesses to adopt modern operating models
  • Provide improved customer protections

To remind you, as the Commissioner says in her letter, in March 2018, the NSW Parliament passed the Property Stock and Business Agents (Amendment) Act 2018. The amendments to the Act provide for a simplified licensing framework and a strengthened qualification and capability framework. New regulations and guidelines are currently being drafted that will prescribe the more detailed operational requirements to give effect to the changes made to the Act.

The updated property industry reforms FAQ’s can be found here

SCA (NSW) has been advised that further information will be provided when the regulations are available for comment. We of course will keep members updated on this.

For now the Commissioner is clear in her message stating that it’s business as usual.