Following months of calls for a property service commissioner, an industry body has launched a petition to place real estate under a new government body.
The Real Estate Institute of NSW has released a petition to move real estate away from NSW Fair Trading and towards a property services commissioner that reports to the department of premier and cabinet.
Tim McKibbin, CEO of the REINSW, said the NSW premier should recognize the importance of property to the people of the state.
“Residential real estate contributes $107 billion to the NSW economy annually and more than $8.4 billion to the economy through stamp duty,” said Mr McKibbin.
“However, NSW ‘boast’ 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.”
“Residential real estate is a high-value, low-volume, high-risk investment that requires better levels of education and professionalism than NSW Fair Trading can mandate.”
By installing a property services commissioner, Mr McKibbin believes they would be able to address housing affordability in the state, as well as contribute towards better quality planning outcomes.
“It will also provide a single, centralised overview of legislation and regulation that impacts residential, commercial, strata and rural property,” he said.
“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.
“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.”