October 2023 Newsletter

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October 2023 Newsletter

3 October 2023

Newsletter snapshot:

  • Industry updates: Consumer Affairs Victoria warns against failure to audit trust accounts // Queensland Residential Tenancies Authority (RTA) continues to encourage tenants to enquire about outstanding bonds // Commercial news: Commercial real estate sector primed for strong growth in 2024, experts predict.

  • Disciplinary action: Victorian estate agent facing disciplinary action for poor conduct // Former Victorian estate agent convicted over illegal transfers of client funds // Western Australia Consumer Protection urges tenants to report racist behaviour after agent reprimanded and suspended // NSW Fair Trading publishes results from underquoting compliance inspections, confirms $52,800 in fines issued.

  • Legislative changes: Tasmanian agents, have your say on proposed changes to the Tasmanian Civil and Administrative Tribunal legislation by 4 October 2023.

  • NSW CPD updates: NSW Class 2 and Class 1 licensees can now complete their CPD training with us online!

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NSW Fair Trading publishes results from underquoting compliance inspections, confirms $52,800 in fines issued

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NSW Fair Trading publishes results from underquoting compliance inspections, confirms $52,800 in fines issued

3 October 2023

Following in the footsteps of the Victorian consumer protection body Consumer Affairs Victoria (CAV), NSW Fair Trading has also conducted and completed its own investigation into underquoting in the NSW (Sydney) property market. Some inspections were carried out undercover.

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Queensland Residential Tenancies Authority (RTA) continues to encourage tenants to enquire about outstanding bonds

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Queensland Residential Tenancies Authority (RTA) continues to encourage tenants to enquire about outstanding bonds

28 September 2023

In July this year, the Queensland Residential Tenancies Authority (RTA) launched a campaign in an effort to remind tenants to check for any outstanding bond payments they may be owed. Property managers and landlords were called upon to encourage tenants to reach out to the RTA to establish whether any bond monies were being held in trust under their name.

The RTA has provided an update on their campaign efforts, announcing that over $6.2 million in forgotten bond monies has been successfully returned to more than 6,200 tenants.

Landlords and property managers are encouraged to make use of an ‘amplifier kit’ developed by the RTA to continue to spread the word and reunite tenants with money owed to them.

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South Australian government's commitment to improving housing outcomes

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South Australian government's commitment to improving housing outcomes

27 September 2023

In its latest issue of ‘CBS Connect’, South Australia’s Consumer and Business Services (CBS) announces the State’s commitment to greater protection for prospective tenants.

Earlier this month, we reported on new laws surrounding the prohibition of rent bidding in South Australia, which commenced on 1 September 2023. CBS has since clarified further commitments to improving housing outcomes for tenants and prospective tenants.

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Consumer Affairs Victoria warns against failure to audit trust accounts

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Consumer Affairs Victoria warns against failure to audit trust accounts

12 September 2023

In a media release today, Consumer Affairs Victoria (CAV) has highlighted the consequences faced by agencies that fail to conduct audits of their trust accounts within the required annual period. CAV uses the example of recent legal action being taken against an agency after its directors failed to audit their trust account over several years, despite receiving reminders, a warning and infringement notices from CAV.

Agencies operating within Victoria must audit their client trust accounts within three months after 30 June every financial year.

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Western Australia Consumer Protection urges tenants to report racist behaviour after agent reprimanded and suspended

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Western Australia Consumer Protection urges tenants to report racist behaviour after agent reprimanded and suspended

8 September 2023

Western Australia (WA) Consumer Protection has announced on its website today that it has taken action against a Victoria Park real estate agent for sending an email “littered with racist and offensive language“ to their former tenants regarding the disposal of their security bond.

The agent was reprimanded and personally suspended by the WA State Administrative Tribunal for eight months from 1 September 2023.

WA Consumer Protection reports that the offending email centred around the agent’s harmful and racist views towards persons of Indian background.

Please note: The text within contains references/quotes to the suspended agent’s comments and may cause offence or distress to some readers.

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Former Victorian estate agent convicted over illegal transfers of client funds

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Former Victorian estate agent convicted over illegal transfers of client funds

7 September 2023

Consumer Affairs Victoria (CAV) has reported on a court outcome today concerning the actions of a former real estate agent who, in a series of small transfers, stole nearly $75,000 of their clients’ money from the agency trust account.

The agent was found guilty of two charges encompassing 941 instances of causing a deficiency in a trust account or the fraudulent conversion of funds for the agent’s own use. As a result, the agent was ordered to pay $74,613 in compensation to the Victorian Property Fund and has been sentenced to a 12-month community corrections order, requiring them to complete 200 hours of community service.

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Tasmanian agents, have your say on changes to your state's Civil and Administrative Tribunal legislation

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Tasmanian agents, have your say on changes to your state's Civil and Administrative Tribunal legislation

7 September 2023

Community consultation has commenced with regard to proposed changes to the way Tasmania’s Civil and Administrative Tribunal (TASCAT) operates. Since its inception in 2020, the Tasmanian Government has identified various changes to legislation “that would improve TASCAT’s procedures and make the Tribunal more efficient”.

Consultation closes at midnight on Wednesday 4 October 2023. Agents in Tasmania may be interested in lodging a submission around the proposed amendments under the Tasmanian Civil and Administrative Tribunal (Miscellaneous Amendments) Bill 2023.

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Victorian estate agent facing disciplinary action for poor conduct

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Victorian estate agent facing disciplinary action for poor conduct

4 September 2023

An estate agent in Victoria is alleged to have failed to have their trust accounts audited on a yearly basis for several years, according to Consumer Affairs Victoria (CAV) in a media release published today.

Consumer Affairs Victoria Director Nicole Rich commented on the issue, stating, ‘real estate agents operate in a position of trust within the community. They’re responsible for facilitating the biggest financial undertakings many people make in their lifetime - buying their own home,’ and 'Consumer Affairs Victoria will continue to investigate and take action against agents who break that trust and tarnish the industry’s reputation'.

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September 2023 Newsletter

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September 2023 Newsletter

1 September 2023

Newsletter snapshot:

  • Industry updates: NSW licensees in charge: Ensure assistant agents are qualified by March 2024 // NSW Continuing Professional Development (CPD) for multi-licence holders clarified.

  • Disciplinary action: Queensland Fair Trading charges Cairns real estate agent over 13 offences.

  • Legislative changes: Further reforms to rent bidding in NSW // Rent bidding illegal in South Australia from 1 September 2023 // New laws around minimum housing standards commence 1 September 2023 in Queensland.

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