Minister for Better Regulation Victor Dominello last week announced the formation of the Real Estate and Property Division, an arm of the NSW Office of Fair Trading that will take responsibility for all real estate and property functions, including industry regulation, in the state.
The division will have a heavy focus on consumer protection, and Dominello suggested over the weekend that could include making it compulsory for vendors to supply a standard inspection report to prospective buyers when selling a home.
Speaking to Fairfax Media outlets, Dominello said forcing vendors to provide the report would stop buyers having to pay for reports on properties they may not purchase.
“You go to an auction there's a good chance you'll be looking at five different properties over the course of a few weeks – that's five different reports,” he said.
“That imposes a serious cost to the consumer in circumstances where there's no guarantee they'll get the property anyway.”
Dominello said the possibility of mandatory reports, along with further industry changes such as more extensive training requirements for agent and forcing property spruikers to disclose agreements they have with developers would be considered in the first half of 2016.
That process would see the Real Estate and Property Division consult with the state’s peak real estate bodies.
