The Queensland real estate industry would undergo major reform under two bills tabled in state parliament on Wednesday.
If passed, the legislation would create industry-specific laws for real estate agents, who are currently dealt with in the same category as car dealers.
Attorney-General Jarrod Bleijie said the reforms would remove overregulation and red tape from property purchases.
“Buying a house or car is one of the biggest decisions we can make in our lifetime and the simpler we can make the process, the greater Queenslanders are protected,” he said.
The legislation would do away with separate warning statements, remove the requirement for agents to disclose their commission to buyers and deregulate the maximum commission payable.
In addition, it would extend the statutory limit on appointments for sole or exclusive agencies and introduce stricter disclosure of third party benefits.
The Real Estate Institute of Queensland (REIQ) came out in full support of the proposed changes.
“The real estate sector has long been legislatively bundled in with a variety of other occupations, and the REIQ always felt that our profession deserved its own specific legislation,” REIQ chairman Pamela Bennett said.
The changes would benefit both agents and consumers, according to REIQ CEO Anton Kardash.
“A majority of the changes also allow for the real estate industry to become more professional and ultimately more accountable and that is good news for everyone as well as for the property market,” Mr Kardash said.
“The REIQ always wanted this landmark piece of legislation to provide much-needed simplification and clarification for real estate agents and consumers alike and the reforms announced last night have certainly provided that,” he said.