This has prompted the government to review the existing laws, which is open for submissions by 5pm on 30 January.
The Discussion Paper canvasses a range of measures to help standardise practices within the industry. This includes considering reforms to mandatory disclosure, standard terms, cooling off periods and minimum requirements for the holding of deposits.
It is important that any changes implemented as a result help to make the process of buying an off-the-plan property for home buyers easier and more transparent.