Access News Australia - April 2022

Page 13

PROPERTY SHOWCASE WESTERN SYDNEY

Published in Western Sydney Business Access | Parramatta Times | Blacktown News | info@accessnews.com.au

Eradicating A property scourge

BEWARE the UNDERQUOTERS  DALLAS SHERRINGHAM E’VE all fallen for the scourge of real estate marketing, the dreaded price ‘underquoting’. You know the drill, you see an attractive house advertised in your preferred suburb and price range, only to find that it sells for hundreds of thousands of dollars above the quoted price. It can happen repeatedly, which makes you wonder why agents do it? Well, underquoting is a great way to get a list of all potential buyers in your area and how much they have to spend. And it also draws buyers to auctions, pleasing the vendors on auction day. Well, the NSW Government has had enough of this contentious form of marketing and a NSW Fair Trading team was formed in 2021 dedicated to proactively stamping out underquoting in the real estate industry. It has quickly swung into action, issuing 117 fines worth almost $200,000 during the past nine months, and in a first for NSW, imposed restrictions on serial ‘underquoters’. Minister for Small Business and Minister for Fair Trading Eleni Petinos said addressing the conduct of both the listing agent and licensee in charge helped the business comply with legislation and the expectations of consumers. “Understating the expected price of a property for sale by providing false estimated selling prices of the property completely wastes the time and money of potential homebuyers,” Ms Petinos said. “Underquoting will simply not be tolerated. We will continue to investigate and penalise where false prices are provided to consumers.

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Round table being formulated “The rules are clear–agents must not understate the selling price in advertisements about a property for sale. They must be able to provide evidence on how they arrived at the estimated selling price and ensure the estimated price remains current. “While complaints for underquoting rose last year, so has action by the regulator. In 2021 Fair Trading received more than 320 complaints in relation to underquoting and issued penalty notices for around a quarter of them. The laws in place are working and being used appropriately when poor conduct can be proven.” Property Services Commissioner John Minns said he was working closely with industry and stakeholders to ensure a united

THE RULES ARE CLEAR

Agents must not understate the selling price in advertisements about a property for sale. They must be able to provide evidence on how they arrived at the estimated selling price and ensure the estimated price remains current.

approach to issues such as underquoting as the real estate market continued to experience growth. “COVID has not affected the property market, in fact the real estate industry has encountered record sale and income during COVID. Agents successfully worked within the requirements and have managed to achieve record sales,” he said. “Underquoting is not just a breach of the Property and Stock Agents Act, it is unprofessional and costs consumers time and money. All stakeholders agree an industry and regulator collaboration can achieve much to educate, communicate and enforce increased standards. “We are forming a roundtable to identify how we can improve outcomes for buyers and industry and this will include representatives from Fair Trading, the NSW Real Estate industry and buyers’ advocates.” Enforceable undertakings can be a beneficial option as consumers receive redress quickly and Fair Trading and the trader co-operate to reach a reasonable solution and prevent future non-compliance. This undertaking requires at least two licensed agents, or one licensed agent and

Minister for Small Business and Minister for Fair Trading Eleni Petinos.

a certificate holder, to approve comparable pricing for every new property listed for sale. During the 12 months of 2021, Fair Trading received 329 enquiries and complaints related to underquoting. An assessment of the complaints identified 211 breaches of the Property and Stock Ants Act 2002. There were 114 penalty infringement notices issued valued at $248,800 and eight matters were referred for formal investigation. Agents suspected of underquoting should be reported by calling NSW Fair Trading on 13 32 20.

HOW TO WIN THE WEST WESTERN SYDNEY MEDIA ALLIANCE BUSINESS | LIFESTYLE

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BUSINESS SURVEY

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How Aussies are taking to the new plan: 2

Why finding staff is the biggest concern: 5

Our favourite charities in two years of COVID: 10

POWERHOUSE Parramatta CEO Lisa Havilah is more interested in the flood of excitement over the controversial $920M project than any flood-waters that may lap at its riverside approach. After the recent devastating rains that saw Parramatta River break its banks between the ferry wharf and the site of the museum, Ms Havilah is adamant that the building and its exhibits will not be affected.

LINES

FULL STORY PAGE 10

Here’s how business traditions will change

RETAIL BOUNCES BACK -T HE ecommerce craze shows no signs of abating with a new generation of young entrepreneurs

swapping traditional jobs for selling everything Фf^ ÌÓ æ â î î±Ë æ ® þ Ì î® îÓó©® æî ÓÌ EÓÿ â î ±Å âæ ® þ â þ Å î® æÓÅóî±ÓÌæ Ì from pet food to high end clothing online. They â Óâ ¨Óâ w æî âÌ ^ą Ì ąФæ У â± Âæ Ì ËÓâî âФ æóßßÓâî Ë æóâ æ Ì ¨Óâ î® ±Ì óæîâą ÓóÌ are part of the revolution which has seen a large proâ î ±Å ±Ì óæîâąϻ óî î®±æ æ îÓâ ® æ ßâÓó Â î®±æ ą â Ì ąÓÌ Ϻ portion of Aussies continue to earn a living from home, relocate out of cities and take precautions to reduce ®±æîÓâą Ó¨ ÓóÌ ±Ì©  ¨âÓË î® ® â æî Ó¨ î±Ë æϺ FULL STORY PAGE 5 their risk of viral infections. There will be some blurring between what we wear to bed or lounge around in at

TALE OF TWO POOLS SAS CHALLENGE A Parramatta Olympian THIS EDITION

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S Special ttribute tto local b business w winners

AUTO: SsangYong's mid-life update: 30 BUSINESS: Retailers reveal solutions: 34 TRENDS: Is love passing you by?: 36

home de and what we wear out. The forecasts come from si in Davie Fogarty, Founder and CEO of Davie Group, the

fast-growing company behind brands The Oodie, Calming Blankets and Pupnaps. More page 20.

World class health care

New suburb named BradÀeld

Govy ofÀcially names high tech city at Aerotropolis: 6

Minister pushing for more women on Parramatta Council: 3

BEST GIFT SINCE THE OPERA HOUSE

BLURRED

Westmead Hospital’s new clinical tower oepns: 2

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Family business in COVID

How many leveraged patience capital during COVID: 12

How hope really works

Feature on the Salvation Army Red Shield Appeal: 15

SALOVS: How hope really happens: 19

FTER a few hot summers rather than refurbish it. After a bit of for swimmers who æ óĖ îÿ Ì W ââ Ë îî ÓóÌ ±Å loved Parramatta and and the NSW Government on who w ÌîÿÓâî®þ±ÅÅ ßÓÓÅæ Ì æóđ â would pay for its replacement, an during their closures, relief is on the agreement was reached on funding way. Just a day apart, the refurbished for the state-of-the-art aquatic Wentworthville pool opened and centre. And in Wentworthville, a î® Ĝâæî æÓ ÿ æ îóâÌ ÓÌ î® concerted community campaign and ARRAMATTA’S four-time Olympian Melissa Wu has well and truly dived in the deep end as aParramatta contestant onAquatic the blockbuster SAS Show on Channel 7 andthe 7plus. spectacular theAustralia Cumberland Council, saved And the Olympic diver won’t diminutive stand in her way While as she Centre. Both communities havebe letting her beloved poolsize with an upgrade. takeswithout on a hot field of sporting andthe celebrity contestants the top rating program. After been a pool since 2017, Parramattainresidents wait two years all, she won four Commonwealth Games goldfor medals wasthey full ofare determination Parramatta Memorial Pool demolished theirand pool, welcome toin an peek of the 2022 season of SASdive Australia, which started on February 21 on toall-new makesneak way for Bankwest Stadium to Wenty. Channel 7 and 7plus. More page 6. and the previous Holroyd Council FULL STORY PAGE 6 wanting to close the tired Wenty pool

faces her toughest test

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ISSUE 12 MARCH 2022 LO|CA

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Issue 1 | April 2021

PROPERTY RTY UPDATEE

GAME TIME

MICHELLE ROWLAND

Inside the bank of mum and dad: 16

B Blacktown FC is ready to go: 31

How Afghan women typify our diversity: 18

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Youth Needs Our Support VITAL youth service in Blacktown is set to close after missing out on important State Government funding. The Blacktown Youth Support Association’s Youth HQ program helps young people at risk - those who have

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been in trouble with the law or those who may be headed that way. But the service was told at the end of last year by the Department of Communities and Justice that they had missed out on funding, in favour of more “targeted” youth

programs. A letter from the Minister for Families and Communities Gareth Ward suggested that the BYSA seeks funding from other government departments such as education and sport. FULL STORY 10

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