There’s no doubt that Australians have long been fascinated by real estate. One of the reasons for this is that it never fails to deliver twists and turns – and this has never been more evident than during the past year, which has seen plenty of challenges to keep both property professionals and REINSW busy.
The last 12 months have been interesting – to say the least – for the property market.
As stock levels remained low, we saw house prices defy market predictions, despite the Reserve Bank of Australia continuing its extended cycle of interest rate rises. The rental crisis also continued to dominate headlines due to a lack of stock, soaring construction costs and increased immigration. And, as many fixed-rate loans started to expire and costs of living escalated, the property market certainly felt the impact.
The NSW Government also kept us on our toes by introducing stamp duty reforms and housing supply proposals, as well as many updates to our industry’s legislative framework.
Advancements in the technology space also came thick and fast, with AI taking off and the emergence of ChatGPT.
Suffice to say that there’s never been a dull moment during my time as REINSW President. It’s been an honour to lead this incredible organisation that works so hard to champion our industry by tackling problems head-on and seeking innovative ways to overcome hurdles.
Here are just some of the highlights from the past year.
Addressing the rental crisis
This year, REINSW pushed hard against reforms proposed by the NSW Government to tackle the current rental crisis. Our firm belief is that the NSW Government should be focused on retaining existing investors in the market and increasing stock levels, rather than implementing changes that only serve to discourage investment.
More reforms are still to come, and we will continue to campaign for workable changes. The last thing we want to see is landlords leaving the market, further depleting available stock and tightening vacancy rates. Nor do we want to see tenants priced out of the housing market.
REINSW endorsed the recent appointment of the new NSW Rental Commissioner, who will give renters a strong voice to the NSW Government. We are building this relationship with a view to ensuring that landlords are not forgotten and have also forged a new connection with the Tenants’ Union of NSW as we continue to look for solutions to the housing crisis.
During the past year, REINSW has also stepped-up interactions with NSW Fair Trading. This includes liaising with Fair Trading Commissioner Natasha Mann and Property Services Commissioner John Minns.
Helping agencies with compliance
Compliance can be complicated and, as we know, NSW Fair Trading is knocking on agency doors every day to carry out on-the-spot audits.
With this in mind, REINSW launched a new online, member-only service called REI Compliance Check to give agencies peace of mind. This valuable service identfies compliance gaps and provides guidance about how to rectify issues in order to avoid penalties.
REI Compliance Check provides agencies with support every step of the way – from an initial check to a follow-up check and then an annual check for ongoing maintenance.
Importantly, undertaking a check helps agencies build development programs for their teams and positions them with solid compliance foundations to grow and succeed.
Celebrating 100 years of the Journal
A century has passed since the first edition of the Real Estate Journal rolled off the printing press back in May 1923 – and it’s still going today!
Now one of the oldest and most-read member magazines in Australia, it never fails to keep everyone informed about the latest industry news. Always an interesting read, this well-loved magazine features articles that provide plenty of inspiration and motivation.
Congratulations to everyone who contributes to the Journal today. What a remarkable achievement! Here’s to the next 100 years!
Moving home to REI House
This year also saw us move back into the newly renovated REI House, which has undergone an extensive – and stunning – facelift.
Many of the building's heritage features that had been covered up over the decades have been restored, adding an unmissable charm to what is now a vibrant and contemporary workspace. Each team now has its own designated area with a range of spaces to cater for an array of work.
Perfect for our Board of Directors and Chapter Committee meetings, and with a dedicated training area, it heralds an exciting new era for REINSW.
Acknowledging property managers
The unsung heroes of our profession, property managers are the backbone of many real estate agencies. The challenges they face are numerous and the continuing rental crisis has put them under even more pressure.
To recognise their outstanding efforts, REINSW launched National Property Managers Day in 2020 and it has now become an annual event, with REIA and other State REIs now joining in.
Held in July this year, National Property Managers Day was an opportunity to applaud the efforts of residential and commercial property managers. It was amazing to see how many agencies across the nation celebrated their property managers, with social media awash with flowers, morning teas, testimonials and more to say ‘thank you’.
It’s wonderful to see that what started as a simple idea floated at a meeting of the REINSW leadership team in 2020 has now turned into a national movement.
Aiming higher
At REINSW, we strive to put people at the centre of everything we do. We’re focused on providing as much information as possible to members.
We believe that communication is essential, and we make this our priority. From articles on the website and in the Journal to social media posts, topical webinars, Roadshow events and targeted training courses, we strive to ensure that all members always have the knowledge and information they need to succeed at their fingertips.
We’re also focused on giving back to the community that gives us so much.
This year, REINSW proudly partnered with Fighting Chance – a charity that works with people with disabilities to identify the challenges they face in their everyday lives and then design, build and empower sustainable solutions to bridge the gaps. Money raised from our events, including the Women in Real Estate Conference and the Novice Auctioneers Competition, will directly help Fighting Chance achieve their goals.
Ultimately, our goal is to set the bar in our beloved industry higher each year and strive for the integrity and credibility of our profession.
Signing off
As I sign off as REINSW President, I’d like to say the biggest of thanks to the team at REINSW, members of the Chapter Committees and those who have served with me on the Board of Directors. Together we’ve had some major successes, but there have also been challenging times and hard decisions. The calibre of people I’ve had the pleasure to work with is unparalleled.
I also want to thank all REINSW members for your unwavering support.
We couldn’t do it without you. Thank you to all of you.
And now, after two amazing years, it’s time for me to say farewell as REINSW President and hand the reins to Barry Johnston. I’m looking forward to seeing what’s next for REINSW as Barry steps into the position of President. I know he will continue to build on the signficant gains we’ve made over recent years and meet the challenges that our ever-changing industry throws up.
Peter Matthews
REINSW President