Canberra real estate qualifications to tighten, aligning with national framework: ACT government

The ACT government is proposing a new bill that will see rules tighten for Canberra’s real estate industry in a bid to protect renters and potential home owners, a move that the local real estate industry body has called for over several years.

ACT Minister for Consumer Affairs Shane Rattenbury will introduce the Fair Trading and Other Justice Legislation Amendment Bill to the Legislative Assembly today.

The bill would divide real estate agent licences into two classes so that agents who act as licensees-in-charge of a business must undertake extra qualifications and have at least two years of industry experience.

The bill would also include a specific licence for land auctioneers and it would phase out the unqualified salesperson registration pathway to ensure industry players have the minimum level of qualifications. It would also introduce new offences to prevent assistant agents from withdrawing trust money or entering into agency agreements.

The Commissioner for Fair Trading would also have the power to determine the qualifications and experience requirements for agent licenses and assistant agent registrations under the changes.

Real estate lobby group REIACT chief executive Michelle Tynan welcomed the proposed reforms, noting that the industry has been calling for these changes since 2018 when the National Real Estate Training Package was introduced in other states.

“[This bill] is about the government coming into line with every other state and territory around national training but to do that, we had to change the classification of agents to make it workable,” Ms Tynan said.

“We are the last jurisdiction to come in line with the national training package. Every other jurisdiction has been up and running for more than 12 months.”

The current standard across the real estate industry allows ACT-accredited real estate agents to apply for mutual recognition in other states across the country, with little experience in the field.

“We sent a submission to the government on how we wanted the pathway and the new classification to look like, taking into consideration what’s happening in NSW as well, so we could align our standards,” she said.

“The fact that all of our recommendations are part of this change is a reflection that the industry has led it.

“All our members are doing the right thing, training their staff and providing these pathways … [so the announcement] is a really good outcome for the institute and for our members as well moving forward.”

The proposed reforms will include measures to assist industry professionals in their transition to the new regulatory framework by July 1, 2024.

“Given the tight local property market, it is increasingly important that the sector is appropriately regulated, and those employed in the real estate industry have the proper training for the tasks they perform,” Mr Rattenbury said.

“With these reforms, home buyers, sellers and renters will have fresh confidence that local real estate professionals have the necessary knowledge and skills to carry out their legal and professional duties.”