Minister for Innovation and Better Regulation Victor Dominello announced on Saturday 15th August the creation of a new real estate division within NSW Fair Trading. The Real Estate and Property division will take responsibility for all real estate and property functions, including industry regulation.
“The real estate industry is integral to our state’s economic prosperity, with the sale and rental of property impacting on millions of NSW citizens each year,” Mr Dominello said.
“The local industry continues to grow, with a 16 per cent increase in the number of real estate agents completing their qualifications last year. This new division will facilitate relationships between government and industry and provide for licensing that better balances industry needs with consumer protection.”
Fair Trading Assistant Commissioner Andrew Gavrielatos will head the Division and hold responsibility for the establishment of a Real Estate Qualifications Review Committee.
The Committee will review training requirements to up-skill the real estate industry and ensure consumer protection.
Mr Gavrielatos has more than a decade of experience as a senior government executive involved in stakeholder engagement and customer service.
“I look forward to working collaboratively with the real estate sector,” he said.
The division will conduct random and proactive audits to ensure industry compliance on matters including licensing, trust account management and underquoting.
New resources available to the industry will include an online rental bond system, forms accessible via mobile devices and a user-friendly tool kit for property professionals.
Real Estate Institute of NSW President Malcolm Gunning welcomed the creation of the Real Estate and Property Division.
“We are very supportive of the Minister’s reform of the regulatory environment and in particular training requirements for the profession,” Mr Gunning said.