137 Fines Issued As Real Estate Compliance Targeted

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.

A Sydney waterfront mansion that has just hit the market could set a countrywide price record as the first home to sell for A$200 million (US$129.77 million).

Located in the affluent suburb of Point Piper, the sprawling home sits on a lot that’s equivalent to “four normal housing blocks” and features 98 meters (321.5 feet) of water frontage along the harbor, according to an announcement on Wednesday from Ken Jacobs, director of Australia Pacific of Forbes Global Properties, who has the listing in association with real estate agent Brad Pillinger.

“The estate is Australia’s most iconic residence and ranks amongst the best in the world, combining both privacy and space, exuding elegance and comfort, while featuring gun-barrel views of the Sydney Opera House and the Harbour Bridge,” Jacobs said in a statement.

The residence is expected to sell for A$200 million or more, Pillinger added. “There is no comparable property in Australia.”

The home, named Wingadal, as it’s located on Wingadal Place, was built for Aussie Home Loans founder John Symond, who purchased the property in 1999. It took eight years to complete the mansion, which was designed by architect Alec Tzannes, according to the listing agency.

“Wingadal is a highlight of my career in residential design and architecture,” Tzannes said. “The timeless design on the Point Piper peninsula offers a unique appreciation of Sydney Harbour from a variety of angles, rotating around an axis that lines up perfectly with the Sydney Harbour Bridge.”

The colossal home has enough internal space to entertain up to 500 people, and underground parking provides space for 20 cars, plus eight more can fit inside the garage.

The four-level home has four bedrooms as well as a two-bedroom apartment. There’s also a 2,500-bottle wine cellar, a home theater that seats 22, two commercial kitchens and a swimming pool.

“Wingadal has been a special home for my family over the past two decades, and now I’m looking forward to spending more time traveling overseas,” Symond said in a statement. “While being an exceptional family home, we have also enjoyed hosting many important events for charities and other worthwhile causes.”

This is not the first time Symond has tried to sell his waterfront estate. In 2016, he listed the home in hopes of selling it for at least A$100 million, which would’ve been a price record for the country at that time Mansion Global reported . The current benchmark was set in 2022, when a baronial-style estate, also in Point Piper, sold for A$130 million, according to The Sydney Morning Herald .

137 Fines Issued As Real Estate Compliance Targeted

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

The harbourfront estate has views of the Sydney Opera House and can entertain up to 500 guests