If the past 10-15 years in real estate has taught us anything, it’s that no amount of regulation and legislation can protect consumers from bad advice or crooks hell-bent on ripping them off.
The 1990s was the era of the get-rich-quick seminar, when tens of thousands of Australians were duped by two-tier marketeers, seminar gurus and others into paying inflated prices for badly-located real estate or grossly over-priced “mentoring” services.
Eventually, the level of consumer outcry reached levels where politicians had to act. Queensland enacted the PAMDA laws in 2001 and in the following years most of the other states revised their real estate legislation, supposedly to stamp out the worst excesses of the residential property industry.
But in most cases the politicians sought advice on what should be done to protect consumers from the real estate industry. It was tantamount to asking the mafia for advice on how to stamp out the drug trade.
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