The Urban Development Industry of Australia (UDIA) NSW today welcomed the sunset clause legislation passing through Parliament earlier this week, saying the new rules will prevent unscrupulous operators from tarnishing the reputation of the industry.
UDIA NSW Chief Executive Stephen Albin said the new laws will deter rouge developers from rescinding off-the-plan contracts for financial gain, and ultimately protect buyers and reputable industry operators.
"It's critical for the future of the industry that rogue operators - who are very much on the fringe - are stamped out to maintain confidence and integrity in the field," he said.
Mr Albin said the Institute is pleased Parliament has been quick in its response to closing the loophole that allows this unethical activity to happen.
"It's positive to see this legislation pass with bipartisan support, and it's also great to see the government working with all stakeholders to swiftly address this issue."