New bills will significantly reduce costs for the WA real estate industry

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Last week, the Parliament of Western Australia passed the Residential Tenancies Amendment Bill 2015 as well as the Licensing Provisions Bill 2015. Amendments were made to the Residential Tenancies Act, the Real Estate and Business Agents Act, and the Auction Sales Act.

These amendments were the result of initiatives put forward by the Real Estate Institute of Western Australia (REIWA), which has been advocating for such changes as it would lead to direct savings for the real estate industry.

Neville Pozzi, REIWA’s chief executive officer, said the amendments would not only lessen the administrative burden and cost savings for tenants, lessors, and real estate agents, but would also increase efficiencies that are expected to contribute towards keeping downward pressure on rental costs for tenants.

“REIWA commends the Barnett Government, the Minister for Commerce and the Opposition for passing the Bills, which will reduce compliance costs, save the industry money and make it easier to conduct real estate business in WA,” Pozzi said.

The proposed amendments will include modifications to the following:

Changes to the Residential Tenancies Act:

  • Will simplify the process when a lessor is required to issue a notice of proposed entry to the tenant
  • Will enable the service of notices and documents under the Act by electronic means
  • Will remove the requirement for notices of abandoned goods to be advertised in a newspaper circulating throughout the state
Changes to the Real Estate and Business Agents Act:

  • Will remove the prohibition that prevents real estate agents from receiving commission prior to settlement from an off-the-plan strata sales transaction (as defined by the Act)
Changes to the Auction Sales Act:

  • Will allow auction licensing renewals to align with other industry license renewal periods, up to three years

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