Andrew Wilkie: Buyer Beware; Time for real estate reform

The Independent Member for Denison, Andrew Wilkie, is urging the State Government to boost consumer protection for buyers of residential property to bring Tasmania into line with the rest of the country.

“Tasmanians are being sold short when it comes to protections for buyers of residential property,’’ Mr Wilkie said.

“Key measures such as vendor declarations and cooling-off periods are not properly provided for by Tasmanian legislation. Mainland purchasers are often shocked to discover that in Tasmania buyers do not enjoy the same standards of protection as the rest of the country. This is unfair for locals and may also deter potential buyers and investors.’’

Mr Wilkie has written to Attorney-General Vanessa Goodwin calling for reform to the Property Agents and Land Transactions Act 2005 to bring Tasmania up to inter-state standards of protection for buyers of residential property. In 2013 the previous government introduced the Residential Property Transactions Bill 2013 to bring Tasmania up to national standards of this issue, but did not proceed.

Mr Wilkie has urged the Attorney-General to work constructively with the real estate industry and the Law Society to ensure a fair deal for locals and remove the potential barrier to investment in Tasmanian real estate and bring residential buyer protection back to the Parliament.

“Tasmanian home buyers deserve the same consumer protection rights as other Australians,’’ Mr Wilkie said.

Please find attached a copy of the letter to the Attorney-General and also a table prepared by the federal Parliamentary Library. It uses the vendor disclosure requirements proposed by the Residential Property Transactions Bill 2013 to illustrate the un-level playing field in real estate laws across Australia.
Andrew Wilkie MP, Independent Member for Denison