New laws set to protect ACT buyers from developers rescinding sales after raft of complaints

Off-the-plan buyers in Canberra are set for greater protections from this week, with a new law making it harder for developers to cancel sales. Key points: New legislation will be introduced this week making it harder for Canberra developers to cancel sales The ACT government hopes the laws will stop developers taking advantage of buyers The law comes after dozens of complaints from people who bought off-the-plan properties from the 3 Property Group The new law has been prompted by dozens of complaints from people who bought off-the-plan properties from the 3 Property Group, only to have them rescinded earlier this year. Attorney-General Shane Rattenbury said the new legislation would be a blend of Victorian and New South Wales laws and better protect home buyers. "The ACT laws will be a little broader than the New South Wales and Victorian models in the sense that those two jurisdictions specifically target sunset clauses," Mr Rattenbury said "We will design this legislation to cover broader delay events. " Aaron Simonds, who told the ABC in July he had bought a townhouse in the 3 Property Group's Vivace development for $470,000 in 2018, lodged a caveat and foreshadowed a challenge to the validity of his cancelled sale in the ACT Supreme Court in September.