Proposed changes to the off the plan disclosure regime in New South Wales will significantly affect the structure of development projects and developer sales if implemented. Special Counsel Brooke Bostock explains the focus of the government review and what developers should do next.
The New South Wales government is reviewing the off the plan disclosure regime under the Conveyancing Act and Conveyancing (Sale of Land) Regulation in response to community concerns about sales by developers before they obtain development approvals and before they own the base parcel of land to be subdivided.
Whilst acknowledging the role off the plan sales play in the New South Wales property market, the New South Wales government has made it clear they want to ensure buyers are protected and confidence in the industry is maintained.
On 8 November 2022, a discussion paper was released which outlines options to increase consumer protections and address issues, including:
Consultation closes 5.00pm on 23 December 2022. Formal submissions can be emailed to ORG-Admin@customerservice.nsw.gov.au.
We are interested in your thoughts and feedback and encourage all interested persons to make submissions to the New South Wales government.
Reach out to our Real Estate team to discuss or to find out more.