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.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.
We value your privacy and treat all your information seriously - you can check out