As the real estate sector continues to boom across the State, NSW Fair Trading inspectors are out in force to ensure agents are complying with legislation in place to protect consumers.
Minister for Better Regulation, Kevin Anderson said dodgy agents could be fined up to $22,000 for failure to comply with the Property Stock and Business Agents Act 2002.
“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,” Mr Anderson said.
“Our 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,” he said.
“The latest checks uncovered a myriad of non-compliance, and we will continue to conduct these blitzes until the industry pulls its socks up.”
Mr Anderson said that during Fair Trading’s latest two week-long blitz, inspectors issued 137 Penalty Infringement Notices and 224 warnings, with fines totalling $150,710.
The Minister said NSW was the only State in Australia to carry out regular real estate compliance blitzes and Fair Trading would continue to conduct the blitzes throughout the year.
“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,” he said.
