NSW CPD update: Ballina Face-to-face, Upcoming Webinar training.
Industry updates: Some millionaires, some struggling: The fall-out of Adelaide's 50% property price hike, Myer family’s Melbourne mansion could sell for $100m+, Qld agent handed 10-year ban and $30k fine, Home prices fall in parts of Sydney as ‘buyer's market’ looms.
Job Opportunities!
NSW CPD update: Face-to-face AND Webinar training dates released!
Industry updates: Making renting fairer in NSW, New laws introduced to improve strata living.
Commercial Updates: Blue Mountains: 'rare' opportunity to invest at the Three Sisters, Airbnb boom hits a wall as landlords slash prices to lure tourists.
NSW CPD updates
Industry updates: Sydney defies gravity smashing out a fresh home price record, Homeowners warned of looming ban on dangerous renovation product, Why it’s a better time to buy a home right now, National Property Manager’s Day!
Job Opportunities: Exciting opportunity for a part-time Property Administration Professional, located on the Sunshine Coast! Interested? Reach out to Gillian Gatt: gillian.gatt@AusDN.org.au
Mothers Day Giveaway Winner Announced!!
Industry updates: Cheap rentals drying up in Townsville, 100 granny flats a week: Families turn to ‘instant’ housing solution
Commercial updates: Brisbane CBD tower being sold by DWS Group could trade for $112m.
On the road again! Stay tuned for our upcoming Face-to-face classes!
NSW CPD updates: NSW Class 1 and Class 2 licensees can now complete their training with us online!
3 November 2023
Industry updates: NSW strata sector updates October 2023 // NSW Government introduces strata sector reforms, extends existing property services commissioner role // National Association of Renters' Organisations launches report on principles for strengthening renters’ rights.
Disciplinary action: Former Victorian estate agent convicted over illegal transfers of client funds // Victorian estate agent facing disciplinary action for poor conduct // Western Australia Consumer Protection urges tenants to report racist behaviour after agent reprimanded and suspended // NSW Fair Trading publishes results from underquoting compliance inspections, confirms $52,800 in fines issued.
Legislative changes: South Australian government clarifies further commitments to improving housing outcomes for tenants and prospective tenants // Bill introduced to amend South Australia's Residential Tenancy Act.
NSW CPD updates: NSW Class 2 and Class 1 licensees can now complete their CPD training with us online! Plus more face-to-face classroom CPD options!
WA CPD: WA agents, don’t forget to enrol in and complete your CPD by 31 December 2023!
12 October 2023
Western Australia (WA) Consumer Protection has reported the state’s first case involving the jailing of a former property manager for trust account fraud. After being found to have unlawfully stolen over $140,000 in trust account funds, the agent has been sentenced to serve thirteen months in prison.
It was determined that the agent had made 141 unauthorised withdrawals from client trust accounts totalling $140,744.37, between the years 2020 and 2022.
This prosecution was enabled under amendments made to the Real Estate and Business Agents Act 1978 in January 2020, when the penalty for trust account fraud was increased to a fine of $25,000 – or two years’ imprisonment. Previously, the penalty for this type of offence in WA was a maximum fine of $3,000.
Read More3 October 2023
Industry updates: Consumer Affairs Victoria warns against failure to audit trust accounts // Queensland Residential Tenancies Authority (RTA) continues to encourage tenants to enquire about outstanding bonds // Commercial news: Commercial real estate sector primed for strong growth in 2024, experts predict.
Disciplinary action: Victorian estate agent facing disciplinary action for poor conduct // Former Victorian estate agent convicted over illegal transfers of client funds // Western Australia Consumer Protection urges tenants to report racist behaviour after agent reprimanded and suspended // NSW Fair Trading publishes results from underquoting compliance inspections, confirms $52,800 in fines issued.
Legislative changes: Tasmanian agents, have your say on proposed changes to the Tasmanian Civil and Administrative Tribunal legislation by 4 October 2023.
NSW CPD updates: NSW Class 2 and Class 1 licensees can now complete their CPD training with us online!
7 September 2023
Consumer Affairs Victoria (CAV) has reported on a court outcome today concerning the actions of a former real estate agent who, in a series of small transfers, stole nearly $75,000 of their clients’ money from the agency trust account.
The agent was found guilty of two charges encompassing 941 instances of causing a deficiency in a trust account or the fraudulent conversion of funds for the agent’s own use. As a result, the agent was ordered to pay $74,613 in compensation to the Victorian Property Fund and has been sentenced to a 12-month community corrections order, requiring them to complete 200 hours of community service.
Read More11 August 2023
Queensland Fair Trading has released a media statement on its website today, outlining an agent’s requirement to pay over $13,300 in fines and compensation after pleading guilty to a total of 13 charges laid by Fair Trading. The charges relate to trust account breaches and charging clients for unauthorised expenses.
Read More4 July 2023
A former Victorian agent’s decision to withdraw $105,915 in trust account money from their company’s trust account has landed them a two-year Community Corrections Order. They have also been ordered to complete 350 hours of community service. The sentence was handed down at the Melbourne Magistrates’ Court last week after the former agent pleaded guilty to two charges under the Estate Agents Act 1980.
Read More30 June 2023
Consumer Affairs Victoria (CAV) has banned a former agents representative from registering to work in the industry for ten years, in addition to ordering them to pay $2,500 in fines to the Victorian Property Fund.
This disciplinary action was handed down in the Victorian Civil and Administrative Tribunal (VCAT) after the agent representative was found to have transferred more than $17,000 in account funds to his personal bank account between February and July 2019. CAV began investigations into the individual’s conduct earlier this year.
Read More27 June 2023
In their latest Property Matters issue, NSW Fair Trading has reported on the outcome of a joint investigation undertaken with NSW Police. The investigation was carried out over a two-year period and was based on the suspected trust account fraud of an agent operating out of Penrith, NSW.
The offending agent has been sentenced to two years imprisonment and has been ordered to repay $164,554 to the compensation fund.
Read More
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In the spirit of reconciliation, Macdonald Education acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today.
