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Advocacy
REINSW advocacy is focused on lobbying for a fair and sensible framework for the property industry and for consumers. We strive to represent member interests, ensuring members' views are heard at the highest levels.
REINSW is pleased to announce that the NSW Government has listened to our concerns regarding its draft Residential Tenancies Bill.
REINSW management, in conjunction with its Property Management Chapter and along with members who have actively enlisted the support of their landlords, has been able to force considerable changes to the Bill.
Key changes that REINSW has pressured the Government to make include:
- Abandoning a proposal to give tenants the right to break a fixed term tenancy agreement during the fixed term in return for payment of a ‘break fee’
- Scrapping the compulsory proposal to cap a landlord’s damages (including loss of rent) if a tenant abandoned rented premises, and maintaining the current obligation on a landlord to mitigate their loss in such circumstances
- Providing greater certainty for landlords when terminating periodic tenancies
- Further limiting the government’s proposals to allow tenants to make ‘minor’ changes to the landlord’s property (e.g. painting is not a ‘minor’ change) or to sub-let the property without the landlord’s consent (which are both proposals the Institute still opposes in principle and will continue to lobby against)
REINSW previously lodged a comprehensive submission with respect to the draft Bill. It’s pleasing to see that concerns and suggestions raised by REINSW have been incorporated into the amended Bill as introduced into Parliament.
While the Bill in its current form is a significant improvement, it is still subject to approval by the Upper House and REINSW will be preparing more detailed commentary once the final form of the legislation is known.
Download REINSW's original submission regarding the Residential Tenancies Bill 2009 and/or read an overview of the changes proposed in that Bill.
Last Wednesday NSW Lands Minister Tony Kelly announced in parliament that the government will introduce a new tax on transfers of properties valued at more than $500,000.
Ad valorem fees of 0.2% will be charged for properties between $500,000 and $1 million, and 0.25% for those valued above $1 million. This tax is to be paid on top of stamp duty and is expected to raise about $90 million annually.
Since its announcement, REINSW has been vocal in opposing this new tax.
It is a 'grab for cash' by stealth and will directly impact hard-working home buyers, families, and mum and dad investors.
Yesterday, REINSW met with the Leader of the NSW Liberals & Nationals, Barry O'Farrell, to lobby for his support.
We're pleased to report that we have secured an undertaking from Mr O'Farrell to repeal the ad valorem tax should the NSW Liberals & Nationals be voted in as the next government in the upcoming state election. |
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The Political Advisory Committee (PAC) is the engine room for REINSW's political lobbying. PAC's chief role is to strategically advise the REINSW Board on issues that impact our profession, such as housing affordability, property investment and changes to the Property, Stock and Business Agents Act 2002 (NSW).
The Office of Fair Trading has undertaken a statutory review of the Property, Stock and Business Agents Act 2002 (NSW). The purpose of the review was to determine whether the policy objectives of the Act remain valid and whether the terms of the Act remain appropriate for securing those objectives. REINSW has engaged in extensive consultation with a view to raising a range of issues and concerns on behalf of members and the industry.
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