The Real Estate and Property Division, a new division within NSW Fair Trading, was announced over the weekend by Minister for Innovation and Better Regulation Victor Dominello.
Mr Dominello said that the Real Estate and Property Division will take responsibility for all real estate and property functions, including industry regulation.
“The real estate industry is integral to our state’s economic prosperity, with the sale and rental of property impacting on millions of NSW citizens each year,” Mr Dominello said.
“The local industry continues to grow, with a 16 per cent increase in the number of real estate agents completing their qualifications last year.
“This new division will facilitate relationships between government and industry, and provide for licensing that better balances industry needs with consumer protection.”
REINSW CEO Tim Mckibbin said the announcement is a step in the right direction.
“We welcome the initiative and the opportunity to work more collaboratively with the regulator to improve entry-level education, training for the maintenance of professional skills, and improvements to the regulatory environment that will generate efficiencies, economies and foster consumer confidence,” Mr McKibbin said.
REINSW President Malcolm Gunning agreed. “We’re very supportive of the Minister’s reform of the regulatory environment and in particular training requirements for the profession.”
Andrew Gavrielatos, Fair Trading Assistant Commissioner, has been announced as the head of the division. Mr Gavrielatos will also hold the responsibility of the establishment of a Real Estate Qualifications Review Committee. The role of the Committee is to review the training requirements in order to upskill the industry and ensure consumer protection.
The Real Estate and Property Division will also conduct random and proactive audits, ensuring industry compliance on things such as licensing, trust account management and underquoting.