Ms CHARISHMA KALIYANDA (Liverpool) (13:14): My question is addressed to the Minister for Better Regulation and Fair Trading. Will the Minister please update the House on the Government's plan to protect home owners and purchasers by lifting professional standards across the real estate sector?
Mr ANOULACK CHANTHIVONG (Macquarie Fields—Minister for Better Regulation and Fair Trading, Minister for Industry and Trade, Minister for Innovation, Science and Technology, Minister for Building, and Minister for Corrections) (13:14): I thank the member for Liverpool for her question. She is a hardworking member who advocates for her constituents and residents in one of Sydney's fastest growing areas. We know that families and households are under extreme financial pressure during these uncertain times. Being underquoted when looking for a home is one of the most frustrating and demoralising experiences a person can go through.
The SPEAKER: I call the member for Willoughby to order for the second time.
Mr ANOULACK CHANTHIVONG: It is a waste of people's valuable time and hard-earned money. The focus of the Minns Labor Government is clear: a fairer property market that works for everyone. That is why this week the Government will be introducing tough new laws to crack down on underquoting, improving transparency in property listings and boosting Fair Trading's enforcement powers. Labor offers the right plan and the steady leadership that the people of New South Wales deserve. We are managing the economy responsibly, confronting long-term challenges and investing in the State's long-term future. This starts by laying the groundwork and restoring buyers' trust in the property market.
Trust and confidence are the hallmarks that produce a better property market for everyone. Our proposed laws are designed to ensure that home buyers can be confident they are not being deceived when looking for their next home. Firstly, we will remove the financial incentive for agents to break the law by significantly increasing court-imposed penalties for underquoting to $110,000 or three times the agent's commission. That is five times the current penalty. No longer will a real estate agent who is caught doing the wrong thing think this is just the cost of doing business. Secondly, the laws will mandate a price or price guide to ensure that prospective buyers can get a clear indication whether they are in the market or a property suits their budget. The days of "price on application" or "call the agent" are over.
Agents will now have to publish a statement of information to help buyers understand how the estimated selling price was calculated, including comparable sales or a suburb's median sale price, which answers the questions "What is the price?" and "How was it reached?" This means that buyers can feel more confident, knowing they are protected from unscrupulous agents who are taking advantage of a tight housing market. What we are doing is right and it is not easy. We are delivering on what we promised. Until our proposed changes, the maximum fine that could be imposed was only $2,200 or a court-imposed fine of $22,000—hardly a strong deterrent. That is why increasing the fine to $110,000 or three times an agent's commission sends the right message and a clear signal that this— [Extension of time]
Our laws send a very clear message that the Minns Labor Government will not tolerate those who are involved in underquoting and misleading buyers, taking them on an emotional rollercoaster ride and wasting their time and their money. It is very easy for Opposition members to call for change when they are no longer in government. They had 12 years to fix the situation, but they did not do it.
The SPEAKER: All members will come to order.
Mr Anthony Roberts: Point of order: Will this apply to the sale of Glebe Island?
The SPEAKER: The member for Lane Cove will resume his seat. The Minister's time has expired. The time for questions has concluded. I call the Minister for Families and Communities to provide a supplementary answer that may be of interest to members.
