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Purchaser Protections Ignored in Real Estate Changes

Dr Rosalie Woodruff MP

Dr Rosalie Woodruff MP  -  Thursday, 27 October 2016

Tags: First Home Buyers

Rosalie Woodruff MP | Greens Consumer Protection spokesperson

The Liberal and Labor parties have walked away from simple protections for Tasmanians purchasing their own home, often for the first time.

The Greens tried to amend the Property Agents and Land Transactions Bill 2016 to introduce critical consumer protections for people purchasing a property.  Vendor disclosure statements and cooling off periods are common requirements in many other Australian states.

Real estate purchases are the largest financial decisions most people will make in their life.  Currently, the over-heated market in parts of Tasmania mean there are real pressures on home buyers at the time of purchase.

The Greens’ amendment tried to redress the balance of the Bill which was weighted in favour of real estate agents and sellers.  Statutory protections given to real estate agents should protect ordinary Tasmanians too.

Many Tasmanians are unaware of all the risks associated with purchasing a property.  Employing lawyers or conveyancers is only part of the solution.

Many people have found themselves needing extra finance after they’ve bought their property to fix problems that weren’t disclosed by the seller.  Sometimes they include substantial costs resulting from unapproved building works, or because there is a need for expensive remedial works or renovations.

The Greens’ amendment would've meant young Tasmanians purchasing a property for the first time would have all the information, and wouldn't find themselves in a nightmarish legal and financial situation.

The Liberals and Labor have turned their backs on those Tasmanians.  We hope the Legislative Council will carefully consider the protections that would've been provided in the Greens’ amendment.