30.11.2018 at 19:55
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Breaking: Sydney Agents Fined More Than $51,000

More than half of east Sydney agencies investigated were found to be in violation of law.

The NSW Office of Fair Trading (OFT) "swooped in" on 32 agencies. 20 of them were found to have breached the law.

In what has been called a "blitz", OFT investigated 32 businesses in Bondi Junction, Botany, Kingsford, Mascot, and Maroubra.

Matt Kean, NSW's Better Regulation Minister, said the investigation was set of by "intelligence" suggesting a number of agencies were not in compliance with the law.

He said the bulk of the infractions related to agents "not properly understanding the responsibilities of their position".

That included some who were not familiar with the requirements of trust accounting.

Mr Kean said the penalties highlighted gaps in training and professional development in the industry.

During the blitz, OFT issues 47 infringement notices, 16 of which went to agents OFT claimed did not understand their responsibilities.

4 fines were issued for not exercising due care or diligence, such as not signing or completing agency agreements. 

2 fines were issued to agents for deficient condition reports.

OFT is considering further actions against 2 other agents.

We at PropertyNerd find it rather coincidental that all this would occur just as the Real Estate Institute of NSW and OFT have locked horns over whether OFT is competent to regulate.

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