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NSW Fair Trading has revealed it is continuing its blitz on the real estate profession, with fines of up to $22,000 on the cards.
Acknowledging that the real estate sector is continuing to boom, the NSW Minister for Better Regulation, Kevin Anderson, has revealed that Fair Trading inspectors are once again out in force to ensure agents comply with the Property Stock and Business Agents Act.
He said: “Buying, selling or renting a home is a massive financial decision for consumers, which is why we have strong legislation and a fiercely independent regulator to ensure real estate agents are conducting themselves appropriately.”
He said Fair Trading inspectors have been out visiting agencies, auctions and open homes across the state to make sure agents are doing the right thing and fining those who aren’t.
“The latest checks uncovered a myriad of non-compliance, and we will continue to conduct these blitzes until the industry pulls its socks up,” he warned.
In its last two week-long blitzes alone, NSW Fair Trading issued 137 penalty infringement notices and 224 warnings, with fines totaling $150,710, Mr Anderson flagged.
He said NSW is the only state in Australia to carry out regular real estate compliance blitzes.
“That is due to the NSW government’s commitment to protect consumers,” the minister commented.
“This is exactly what NSW Fair Trading is here to do: make sure businesses are following the rules with the goal of protecting the interests of consumers both buying and selling properties.”
According to Mr Anderson, NSW Fair Trading will continue conducting its real estate compliance blitzes throughout the rest of 2021.
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