137 Fines Issued As Real Estate Compliance Targeted
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137 Fines Issued As Real Estate Compliance Targeted

NSW Fair Trading has had its eye on agents in recent weeks.

By Terry Christodoulou
Tue, Jun 15, 2021 1:50pmGrey Clock < 1 min

NSW Fair Trading has been ensuring real estate agents are acting in the appropriate manner during this accelerated period of growth for the property market.

Agents can be fined up to $22,000 for failure to comply with the Property Stock and Business Agents Act, which was enacted to protect consumers.

Minister for Better Regulation, Kevin Anderson has a firm want for the legislation to be abided by.

“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.

“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 in the last two-week-long blitz, NSW Fair Trading has issued 137 Penalty Infringement Notices and 224 warnings, with fines totalling $150,710.

“We are the only state in Australia to carry out regular real estate compliance blitzes and that is due to the NSW Government’s commitment to protect consumers,” Mr Anderson added.

The regulatory body will continue to conduct compliance blitzes throughout the year.

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Mortgage holders should brace themselves for more pain as the Reserve Bank of Australia board prepares to meet tomorrow for the first time this year.

Most economists and the major banks are predicting a rise of 25 basis points will be announced, although the Commonwealth Bank suggests that the RBA may take the unusual step of a 40 basis point rise to bring the interest rate up to a more conventional 3.5 percent. This would allow the RBA to step back from further rate rises for the next few months as it assesses the impact of tightening monetary policy on the economy.

The decision by the RBA board to make consecutive rate rises since April last year is an attempt to wrestle inflation down to a more manageable 3 or 4 percent. The Australian Bureau of Statistics reports that the inflation rate rose to 7.8 percent over the December quarter, the highest it has been since 1990, reflected in higher prices for food, fuel and construction.

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Although prices may continue to decline, Ms Conisbee (below) said there are signs the pace is slowing and that inflation has peaked.

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“Many of the drivers of high prices are starting to be resolved. Shipping costs are now down almost 90 per cent from their October 2021 peak (as measured by the Baltic Dry Index), while crude oil prices have almost halved from March 2022. China is back open and international migration has started up again. 

“Even construction costs look like they are close to plateau. Importantly, US inflation has pulled back from its peak of 9.1 per cent in June to 6.5 per cent in December, with many of the drivers of inflation in this country similar to Australia.”

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