4. MARYAN STREET (Labour) Link to this
to the Associate Minister of Justice
What response has he received to proposals to reform the real estate industry?
Madam SPEAKER
Hon CLAYTON COSGROVE (Associate Minister of Justice) Link to this
The response has been overwhelmingly positive. Deb Leask, whose agents attempted to lowball her property sale by around $120,000, states she is “absolutely very impressed” with the proposals, and that the “overhaul will ensure that consumers are protected from real estate agents who could take advantage of them”. John Ottaway, who, with his partner, Caitlin, was ripped off to the tune of $35,000, stated: “The overhaul was the best thing that could happen.”, and: “What’s taken place with us is rank. It stinks of the old boys’ network and them looking after their own.” John Haycock, who was ripped off to the tune of $20,000, stated: “I want to see a complete restructure. I think its essential that they have an independent body to handle complaints. Under the present system everything is slanted in the real estate agent’s favour.” Finally, Chris Taylor of the real estate agent company The Joneses commended the proposal, stating: “Tinkering with the current legislation, as the Real Estate Institute had suggested, was never going to solve the fundamental problems arising from real estate agents regulating themselves.”
Hon CLAYTON COSGROVE Link to this
There will be a complete overhaul of the Real Estate Agents Act 1976 in order to deliver accountability—
Hon CLAYTON COSGROVE Link to this
—hold on, I say to those members; help is on the way—transparency, and openness within the sector, and an independent and open complaints and disciplinary system. The freedom to self-regulate that is granted by current legislation is now perceived as industry protectionism rather than consumer protection. The overhaul will deal with licensing, training, complaints, discipline, and regulation of real estate activity, including whether compulsory membership of the real estate agents institute is appropriate, whether all facets of licensing should be independent of the industry, and whether the industry itself should fund the reforms, rather than the taxpayer. To answer the members’ question, a paper setting out the detailed proposal for reform will be released in May.