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As New South Wales’ real estate recovers from the impact of COVID-19, the Real Estate Institute of New South Wales (REINSW) has mobilised to re-establish stability in the market.
While Sydney and Melbourne bore the brunt of the COVID-19 pandemic for the most part of 2020, REINSW CEO Tim McKibbin has expressed confidence that NSW will “go back to some normality” in the new year.
Despite the shifts that happened in the market, “we need somewhere to call home, and that hasn’t changed”, he said.
“It may be the case of deciding whether home is going to be on the Central Coast or the Blue Mountains or somewhere else this year, but we will still need home.”
While moving forward from the COVID-19 crisis will be a “very reactive” process, highly dependent on movements directly related to the pandemic, the institute vows to continue supporting real estate by pushing for standards and reforms that are relevant to the recovery and growth of the industry and its many players — from agents to home buyers.
One of the ways it is looking to do that is through the establishment of a property services commissioner.
According to Mr McKibbin, this role will be critical in re-establishing stability in the property market as it stands as a regulatory entity for a highly complex industry that is currently undergoing unprecedented changes.
“Property is low volume yet it always involves big money. By its very nature, it’s a very complex legal transaction… We need a regulatory entity, a regulatory body, that will work co-operatively and constructively with the industry to respond to ever-increasing consumer needs,” the CEO argued.
“Our lives are getting faster. There are more and more demands on agents, so we need somebody as our regulatory authority to work with us.”
Right now, there is a bill in the State Parliament for this new regulatory body which is scheduled for debate next month.
Mr McKibbin said a dedicated and knowledgeable property services commissioner in the near future would assist one of New South Wales’ most important industries into recovery and growth.
“Property deserves a dedicated commissioner that will be focused on it exclusively,” Mr McKibbin said.
“With technology coming through constantly, there are decisions that need to be made about what’s good, what’s bad, what’s the way forward. That’s always been the case, but now the questions are coming so quickly that we need to be able to respond to those challenges.
“We need a regulatory authority that can work with us… Putting COVID to one side, this is one of the most important projects we will have this year. I will be looking for the entire industry to get behind this and to be heard and to demand this outcome.”
