5 August 2019

With a state Building Commissioner now in place, it’s time for a Property Commissioner too

The Real Estate Institute of New South Wales believes that the NSW Government appointment of a building commissioner is a great step forward. The NSW Government appointed building and construction expert David Chandler as the state's first Building Commissioner, in an effort to rehabilitate the state's ailing building industry that has resulted in several evacuations of buildings.

The appointment is part of the state's promise to overhaul an industry rife with building defects. The NSW Building Commissioner will have the powers to investigate and discipline misconduct in the building industry while overseeing licensing and auditing across the building industry.

This news is welcomed by REINSW, as the property industry has been lobbying Government for years to appoint an industry experienced and dedicated commissioner for the property services industry. REINSW seek the duplication of the regulatory framework now benefiting the building industry for the real estate industry.

REINSW CEO, Tim McKibbin, said 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 the economy 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. 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,” Mr McKibbin said.

“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.

“Instating a Property Services Commissioner will provide a consistent strategy to address housing affordability in NSW and help develop a framework to deliver better quality planning outcomes.

“It will also 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,” Mr McKibbin said.

Finally, REINSW believes this is a positive sign that the Government was serious about reforming the sector.

 

For more information, please contact:
Darshan Parmar | +61 2 8267 0527 | dparmar@reinsw.com.au

About REINSW

The Real Estate Institute of New South Wales (REINSW) is the peak industry body for real estate agents and property professionals in NSW. It represents more than 2000 agencies across residential sales, property management, commercial, strata management, buyers’ agency, agency services and auctioneering. Established in 1910, REINSW works to improve the standards, professionalism and expertise of its members to continually evolve and innovate the industry. It lobbies the government and industry on behalf of members, develops new products and services to benefit agencies and professionals, and offers training and ongoing professional development. For more information, visit reinsw.com.au.