The promise of reform of Queensland’s residential contract compliance nightmare has disappeared for the foreseeable future with the end this month of what was likely to be the final parliamentary sittings before a state election.
Ever so close, abolition of the form 30 C warning statement was almost achieved with a review committee recommendation that buyer warning statements be incorporated into the residential real estate contract itself and for PAMDA “attention directing” pre-contract notifications, to be eliminated.
Also dead on the wind is the June promise of commission deregulation. On that score there was just nothing done after the media release had raised the spirits of the somewhat doldrums-shocked industry.
PAMDA reform got as far as a debate listing the Property Agents Bill that first saw the light of day more than 12 months ago.
The abolition of separate warning statements and associated contract presentation ceremony – that we have previously described as a millstone around the collective necks of Queensland real estate agents since 2000 – would be the single greatest compliance relief that government could offer.
Millions of dollars are wasted every month on compliance and disputation costs from absurd regulation. Let’s see what election candidates are prepared to commit to – and how quickly they say they can provide a fix – to remedy once and for all the absurdly wasteful PAMDA mess.