Page 1343 - Week 04 - Thursday, 5 May 2022
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to enhance consumer protections for our community. I am pleased to say that they are also compatible with human rights.
I will start with the amendments relating to the real estate industry, under the Agents Act. This bill progresses significant amendments to the regulation of the real estate industry in the territory to implement the national real estate training package and promote improved consumer protection outcomes through the introduction of a new licensing and registration framework.
It is undeniable that the real estate market and industry have drastically changed in the last few years. A national technical review into the current real estate training qualifications identified that there has been significant disruption which has both challenged and changed the remit and responsibilities of real estate professionals. This finding resulted in the Australian Industry and Skills Committee approving changes to the national training requirements, as set out in the national real estate training package. A new package has been designed to clearly define skills and ensure that qualifications accurately reflect industry roles.
Choosing where to make your home is one of the most important decisions that a person and family can make. Entering the real estate market, whether it be to sell or purchase a property, or find a new rental, can be stressful and at times frustrating. It is during this time that consumers heavily rely on the expertise of our real estate industry to navigate the market and achieve the best outcome for them. It is reasonable for consumers to expect that their real estate agent will have the necessary training and skills to carry out these duties professionally and lawfully.
The government recognises that the significant trust placed in the industry by the community should be matched by the highest standards of behaviour and training. The majority of the industry are doing the right thing. However, we still need to ensure that the workforce is appropriately equipped and trained to meet consumer needs in an evolving market. This bill will help to achieve that by updating both the qualification requirements and the licensing framework for the industry.
Under the new licensing framework, agent licences will be divided into class 1 and 2 licences. All licensees in charge of a business will be obliged to hold a class 1 licence, which will require the individual to hold a higher educational qualification than that prescribed for class 2 agents.
We know that a large number of property sales in the territory occur by auction. Conducting auctions can be complex and carry inherent risks for consumers, as they are usually unconditional and not subject to a cooling-off period. Consequently, the amendments respond to this consumer risk by introducing a new land auctioneering licence that will require an individual to hold a class 1 or 2 agent licence and complete three units of auctioneering-specific training. This new licence class will mitigate the risk that untrained agents are carrying out auctions in the territory and ensure that only those who have demonstrated competency in auctioneering are able to do so. This new licence will mean that agents are no longer able to conduct auctions as part of their general licence.
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