Archive for the ‘Legislation’ Category

Property and the Federal election: What you need to know

As we head to the polls this weekend, it’s been hard to escape the coverage of the 2016 Federal election. Like you, I’m tired of the seemingly endless campaign and the constant political advertising! It’s also clear that real estate has been a hot topic in the 2016 campaign; namely housing affordability and negative gearing. Given many Australian’s have structured their wealth creation around property, its not surprising. In fact overall I think it’s a good thing that real estate is a part of the debate. It’s a crucial sector for the economy as well as an indicator for other issues/challenges. But... View article »

Your reputation is the most valuable thing you own.

I recently wrote about my thoughts on the recent anti-underquoting legislation. Since the new legislation was announced, which I broadly support, I’ve noticed a number of overly negative stories in the media. Now this may simply be the government supporting their legislation with tough talk about “crackdowns’ and ‘shonky behaviour’ to appease the masses, however I don’t see much coverage on what the new legislation actually encompasses. Most of the changes are aimed at providing clarity around setting and reviewing price estimates. They require greater transparency in how selling prices are determined (or reviewed), including justification in writing to the client... View article »
Posted in Ethical practice, Legislation, Real estate commentary on 12th February, 2016

Under-quoting: Fact or fiction?

I support any regulation that increases transparency in real estate transactions and improves the perception of our industry in the eyes of the public. The new legislation attempts to provide more clarity around what constitutes under-quoting, so I’m broadly supportive. I’m not suggesting this practice of under-quoting never happens however, is it a widespread problem in NSW – the answer is no. Why do I say that? Fair Trading do a great job protecting consumers’ rights and they’ve been looking at this issue for years. Section 73 of the Property, Stock and Business Agents Act 2002 (The Act) makes underbidding an... View article »