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The REINSW is petitioning the NSW government to have regulation for the real estate profession moved from NSW Fair Trading, and to have it placed under the direction of a property services commissioner reporting to the Department of Premier and Cabinet.
REINSW CEO Tim McKibbin said that it is an important initiative.
“We are seeking over 10,000 signatures, as this level of engagement means that a third of the profession is voicing their opinion and action would need to be taken.”
Mr McKibbin added that it is time for the Premier to recognise the “extraordinary value and importance” that property has to the “hearts and hip pockets” of her constituents and to the economy of the state.
“Residential real estate contributes $107 billion to the NSW economy annually and more than $8.4 billion to the state government through stamp duty,” the CEO said.
“However, NSW boasts the most expensive real estate in Australia, with government legislation and red tape adding more than 40 per cent of the cost of a new home.”
He said that Fair Trading is out of its depth.
“Residential real estate is a high-value, low-volume, high-risk investment that requires better levels of education and professionalism than Fair Trading can mandate.”
Mr McKibbin said that a property services commissioner is the answer.
“Creating a property services commissioner will provide a consistent strategy to address housing affordability in NSW. It will provide a consistent strategy and framework to deliver better-quality planning outcomes.
“It will provide a single, centralised overview of legislation and regulation that impacts residential, commercial, strata and rural property.
“A property services commissioner will be able to advise government on best outcomes to remove legislative red tape and improve consumer protection as well as support the drive to increase education, service delivery standards and consumer satisfaction through the property services industries.”
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