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Real estate leaders met in Sydney this week to discuss professionalisation of the industry.
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Elevating the real estate industry to a profession will be the focus of the fourth REINSW Industry Summit next week.
In a move broadly accepted by the industry, the NSW government has released the Real Estate and Property Services Industry Reform Paper.
Agents will need to be clearer in their price guides and can no longer use "offers over" or similar words in advertising or quoting to buyers.
Around 90 changes to NSW's strata laws come into effect in July 2016.
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Strata law reform is essential due to the growing popularity of apartment living.
Advertisements and representations that say "offers over" or "offers above" or any similar statement are no longer allowed.
NSW Innovation and Better Regulation Minister proposes reforms to protect off the plan apartment purchasers.
The New South Wales Government will impose tougher penalties for real estate agents who engage in underquoting.
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