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New legislation to affect property in Carlton

By Louise Morrin

Keeping on the right side of the law is essential when buying property in Carlton, which is why you need to be aware of the latest legislation affecting the New South Wales market.

Firstly, underquoting laws are due to come into force from the start of January 2016. They will make agents more accountable when valuing properties, improving the transparency of the market for anyone buying real estate.

This highlights the importance of using a reputable real estate agent in Carlton. Choosing someone with a proven track record and who is respected across the industry can make a real difference when you enter the local market.

Malcolm Gunning, president of the Real Estate Institute of New South Wales (REINSW), said this legislation will help stamp out agents who aren't giving customers the service they deserve.

Changes to the Property Stock and Business Agents Act 2002 mean that agents will now have to give written evidence of what they believe the estimated selling price of a property should be. This must then be recorded in the agency agreement.

Agents won't be able to quote a figure less than the estimated selling price, which can be either a single figure or a range.

The past few days has also seen a long-awaited overhaul of strata laws come into play, as two bills were presented to parliament. The aim is to make the legislation more accessible, while meeting the wider needs of the property market.

"With apartment living considered almost as attractive as freestanding homes it is important to simplify strata laws to make them easier to understand, while at the same time recognise our existing and future requirements," Mr Gunning commented.

It's estimated that as many as 75,000 people are either living or working in strata schemes in New South Wales. As a result, these reforms will bring greater certainty and could potentially encourage more people to invest in apartments in Carlton.

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