Small reprieve for buyers as state government announces report amendments

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Buyers in New South Wales could soon see a small reprieve in the costs associated with purchasing property thanks to legislation amendments announced by the state government.

New South Wales Minister for Innovation and Better Regulation Victor Dominello last week announced amendments to the Property Stock and Business Agents Regulation 2014 that are aimed at reducing duplication of inspection reports and promoting peer-to-peer services that offer that offer discount reports.

“Building and pest inspection reports can cost anywhere from $200-$600 each, which represents a significant outlay for potential buyers,” Dominello said.

“This reform is a practical demonstration of the NSW Government’s commitment to embracing the collaborative economy. We want to encourage market disruptors whose business models rely on delivering better consumer experience and greater transparency, to flourish,” he said.

Under the amendments, when listing a property real estate agents will be required to disclose all inspection reports taken out by a vendor or potential buyer.

Agents will also be required to provide buyers who take out a sales contract with the names of companies which have recently completed inspections of the property and indicate which firms enable peer-to-peer sharing discounts for reports.

“This reform is a practical demonstration of the NSW Government’s commitment to embracing the collaborative economy. We want to encourage market disruptors whose business models rely on delivering better consumer experience and greater transparency, to flourish,” Dominello said.

“This policy is the first of its kind in Australia and forms part of the NSW Government’s broader reform of the real estate sector.

“Having startups and disruptors compete in the property market and offer inspection reports is reflective of our 21st century economy. It also increases competition and reduces the price of these reports for potential buyers.”

The new laws are expected to come into effect before July.
 

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