NSW Property Law Changes 2024: Key Reforms Explained

New South Wales (NSW) has recently implemented significant reforms in property law, impacting both renters and property professionals. Here's a straightforward overview of these changes:

1. Rental Reforms: Enhancing Tenant Protections

In October 2024, the NSW Parliament passed the Residential Tenancies Amendment Bill 2024, introducing several key changes:

Ban on 'No Grounds' Evictions: Landlords are now required to provide a valid reason when ending a tenancy, enhancing security for the state's 2.2 million renters.
Rent Increase Cap: Rent increases are limited to once every 12 months, providing tenants with greater predictability in their housing costs.
Pet Ownership: Tenants can now request to keep pets, with landlords needing to provide a valid reason for refusal. If no response is given within 21 days, consent is automatically granted.
Background Check Fees: Landlords and agents are prohibited from charging tenants for background checks during the application process.

2. Strata Management Reforms: Improving Transparency and Accountability

The Strata Schemes Legislation Amendment Bill 2024 introduced in November 2024 aims to enhance the management of strata properties:

Expanded Reporting Requirements: Strata managing agents must provide more comprehensive reports to owners' corporations, ensuring greater transparency.
Stricter Disclosure Obligations: Agents are now required to disclose any conflicts of interest, promoting accountability in strata management.
Increased Penalties: Penalties for non-compliance with strata management regulations have been raised, encouraging adherence to best practices.

3. Property and Stock Agents Regulation 2022: Updating Professional Standards

Effective from 1 September 2022, the Property and Stock Agents Regulation 2022 includes:

Updated Definition of Buyer’s Agent: Aligns with the Property and Stock Agents Act 2002, clarifying the role and responsibilities of buyer’s agents.
Enhanced Disclosure Requirements: Agents must now provide clearer information when accepting expressions of interest deposits, ensuring consumers are well-informed.
Material Facts Disclosure: Agents are required to disclose specific material facts to prospective tenants, ensuring transparency in rental agreements.

4. Property and Development NSW Act 2006: Streamlining Property Management

In May 2024, amendments to the Property NSW Act 2006 were enacted to:

Clarify Functions of Property and Development NSW (PDNSW): The Act now explicitly outlines PDNSW's capabilities, reducing bureaucratic hurdles in property transactions.
Enable Compulsory Land Acquisition: PDNSW can now directly acquire land, streamlining processes for public projects.
Reduce Administrative Burdens: The requirement for dual land valuations has been eliminated, simplifying financial reporting for property transactions.

These legislative changes reflect NSW's commitment to enhancing tenant protections, improving strata management, updating professional standards, and streamlining property management processes. Staying informed about these developments is crucial for renters, property owners, and professionals navigating the NSW property market.

Best Practices to Avoid Being Scammed During a Conveyancing Transaction

Buying or selling property is one of the biggest financial transactions you’ll make, which makes it a prime target for scammers. Fraud in conveyancing transactions is becoming more common, with criminals using email hacking, fake bank details, and identity theft to steal funds.

At SL Conveyancing, we take security seriously. Here’s a simple guide to protecting yourself from scams during a property transaction.

1. Be Wary of Fake Emails & Payment Redirection Scams

One of the most common scams in conveyancing is payment redirection fraud. Scammers hack emails between buyers, sellers, and conveyancers and then send fake emails with fraudulent bank details. If you unknowingly transfer money to these accounts, it can be difficult to recover.

How to Protect Yourself:

✔ ALWAYS verify bank details by calling your conveyancer on a trusted phone number (not one from an email).✔ Be suspicious of last-minute changes to payment instructions. Legitimate businesses rarely change bank details suddenly.✔ Check email addresses carefully – scammers often use slight variations (e.g., johnsmith@slconveyaning.com instead of johnsmith@slconveyancing.com).

2. Verify Your Conveyancer’s Credentials

Some fraudsters pose as legitimate conveyancers to trick buyers and sellers into transferring money to their accounts.

How to Protect Yourself:

✔ Check your conveyancer’s license on the NSW Fair Trading website: Verify here✔ Look for professional accreditation, such as being a member of the Australian Institute of Conveyancers (AIC NSW). We are !✔ Use trusted referrals – work with conveyancers recommended by friends, family, or real estate agents.

3. Protect Your Identity from Fraudsters

Identity theft is another major risk. Scammers may try to steal your personal details and pose as you to sign contracts or redirect payments.

How to Protect Yourself:

✔ Never send personal documents (passport, ID, bank details) via email unless using a secure portal.✔ Use Verified Identity Services (VOI) – your conveyancer will arrange secure verification.✔ Be cautious with phone calls – if someone asks for personal information, verify their identity before providing details.

4. Ensure Secure Fund Transfers

Property transactions involve large sums of money, making them attractive to criminals. Scammers may intercept payments by providing fake account details.

How to Protect Yourself:

✔ Confirm bank details over the phone with your conveyancer before making any payments.✔ Use a PayID or BPAY where possible – these are safer than standard bank transfers.✔ Enable multi-factor authentication (MFA) on your online banking for extra security.

5. Be Cautious with Online Property Portals & Fake Websites

Scammers sometimes create fake property listings or fraudulent conveyancing websites to trick people into paying deposits or fees for non-existent properties.

How to Protect Yourself:

✔ Only use trusted real estate websites, such as realestate.com.au or Domain.✔ Check for a legitimate business address & phone number before transferring any funds.✔ Avoid deals that seem “too good to be true” – scammers often lure victims with below-market prices.

6. Keep Your Cybersecurity Strong

Cybercriminals often target property transactions by hacking emails and online banking accounts.

How to Protect Yourself:

✔ Use strong, unique passwords for your email and banking accounts.✔ Enable two-factor authentication (2FA) on all sensitive accounts.✔ Be cautious when using public Wi-Fi – never access your banking or email on an unsecure network.

Final Thoughts: Stay Vigilant & Secure Your Property Transaction

Scammers are becoming more sophisticated, but by staying alert and following these best practices, you can protect your funds and identity.

🏡 At SL Conveyancing, we prioritize security and ensure all transactions are handled safely. If you’re buying or selling property, work with a trusted conveyancer to keep your transaction scam-free!

📞 Need assistance? Contact us today for secure, stress-free conveyancing.