Minister Dominello said: “Purchasing a property is one of the most significant financial decisions a person or couple will make in their lifetime. It is vital that home buyers have all the relevant information they need to make an informed decision.
“NSW is booming and buying off-the-plan is becoming increasingly popular. But there are risks involved and buyers must look beyond glossy brochures and fancy display centres. The proposals are designed to both strengthen protections for home buyers and provide clarity for developers.”
The number of off-the-plan contracts has increased significantly in recent years. In 2006/07 there were 2,148 off-the-plan contracts, contributing to 1.25% of all residential property sales, compared to 29,022 in the last financial year, which is about 11.5%.