By Tim McKibbin, REINSW CEO
NSW real estate is a $107 billion industry based on the value of property sales each year. It is bigger than the mining, retail and tourism industries combined.
Despite this, the property services industry is managed by the same Government department that oversees tattoo parlours and coffee shops – NSW Fair Trading.
It is interesting, then, that the NSW Government believes the property services industry – an industry that facilitates transactions worth hundreds of thousands, even millions of dollars daily – should be governed by a department that manages high volume, small value purchases.
NSW Fair Trading is not equipped to support an industry that contributes $8.4 billion to the State Government every year.