The previous law dated back to 1976. In 2007 the Government issued a public consultation paper, The Government's Preferred Options for Reform of the Real Estate Agents Act 1976. The report identified a number of issues that needed to be addressed, including:
- a need for more independent oversight of entry standards, conduct and complaints handling than was provided under the previous self-regulatory system
- consumers did not have sufficient information about how to make complaints
- the lack of independence and transparency in the complaints process, and the inadequacy of penalties
- the need for consumers to get more information to enable them to make informed decisions when buying or selling property.
The Real Estate Agents Act 2008 addresses these concerns and provides a modern regulatory environment for the real estate industry.
