As the saying goes, “the more things change, the more they stay the same.” Looking back over REINSW’s history, professional standards and educational requirements are constant themes. This focus hasn’t changed. We’ve made great strides, but there’s still more to be done. To celebrate REINSW’s 110th year, we’ve dug into the history books to remember some of REINSW’s and the industry’s major moments.
1910 REINSW starts life as REA&AA
At a time when just about anyone could set themselves up as an agent and shonky practices were rife in the industry, 80 real estate agents came together and resolved to form an association to represent real estate agents – and the Real Estate Auctioneers’ and Agents’ Association was born.
1911 REA&AA published the first uniform sales contracts and tenancy agreements.
1914 The declaration of War quickly took the heat out of the market and put many agents out of business.
1915 The Fair Rents Act caused fear amongst investors and reduced the volume of property transactions.
1917 First attempt at industry regulation fails
REA&AA was an active proponent for the registration of agents and went as far as drafting a Registration Bill. The Bill required a register of agents to be kept and stipulated that agents were to be off good character. Introduced into Parliament in 1917, the Bill failed to gain sufficient political support and did not become law.
1921 A change of name
For some years, the REA&AA’s pre-eminence in the city had been challenged by the City and Suburban Real Estate Association. Late in 1918, this rival group cunningly changed its name to the Real Estate Agent’s and Auctioneer’s Association of New South Wales – a threat that could not be ignored. To combat the threat, members agreed to a name change – the Real Estate Institute of New South Wales.
1923 The uniform contract for sale is copyrighted by REINSW.
1923 The Real Estate Journal is born
First published in May 1923 with the intention to be issued quarterly, the Journal’s frequency quickly reduced to half-yearly. Lack of time and a paucity of suitable content led to the demise of this first incarnation of the Journal by the mid-1930s. It wasn’t until the 1940s that the Journal was revived.
1923 Federal Council of Real Estate Institutes and Associations is formed
The formation of the Federal Institute was largely the result of efforts by REINSW and afforded agents a greater influence on the national stage. The organisation continues to this day as the Real Estate Institute of Australia.
1929 The onset of the Great Depression saw agencies fold and REINSW membership drop dramatically.
1930 The Moratorium Act commenced, preventing mortgagees from exercising their power of sale.
1936 REINSW lobbied against the government’s decision to impose rent control.
1941 REINSW lobbies successfully for registration of agents
The registration of agents was top of REINSW’s agenda in the early War years. While the passing of the Registration Bill into law was celebrated, there was a glaring omission from the government’s final version. The new law did not put base-level education requirements in place for agents to become registered, which was something REINSW had strongly urged the government to do.
1942 Land sales controls cripple the real estate industry.
1944 REINSW formed the Valuers’ Division in response to unprofessional valuation practices.
1948 Landlord and Tenant Act commences
Protections afforded to tenants during the War were extended when the Landlord and Tenant Act commenced operation. The Act severely restricted the rights of landlords, particularly regarding the right to charge higher rent and to eject tenants.
1949 REINSW lobbying efforts succeed with the abolition of land sales controls.
1952 REINSW launched campaign to reform the Landlord and Tenant Act.
1953 REINSW updated its Constitution to ensure fair representation of regional members.
1955 Finance for home ownership
REINSW directed its efforts to lobbying for increased finance for home ownership. The Institute argued that freer finance for existing homes, rather than just new ones, would help older people move out of their large houses into smaller more suitable homes, thus enabling new families to move into the older, larger dwellings.
1957 REINSW attempted to streamline sales among members through a multiple listing system.
1961 Strata Titles Act commences
With an influx of residential units to market, agents found themselves coping with a new form of property ownership and letting activity. Bowing to political pressure from REINSW, developers and other bodies, the government passed the Strata Titles Act.
1964 REINSW purchased offices at 61 Goulburn Street, Sydney.
1966 The REINSW Property Management Division met for the first time.
1967 Licensing laws amended to require applicants to be over 21 years old and have two years’ experience.
1973 Property bubble bursts
1973 was the peak year of a spectacular property boom and an equally spectacular crash followed in its wake. Finance drained away from the industry in a steady stream, with finance companies and developers collapsing or going into liquidation.
1975 REINSW faces liquidation
With inflation and high interest rates having eaten into the value of membership fees and low student numbers causing the cancelation of many training courses, REINSW faced insolvency. The Institute’s survival was secured by increasing fees and a voluntary interest-free loan by members.
1977 Legislation establishing the Rental Bond Board is passed.
1980 Changes to the Auctioneers and Agents Act empowered the government to set agency fees.
1982 REINSW introduced a three-year Real Estate Licence course.
1986 REI House, REINSW’s current headquarters, is purchased.
1987 Indecision on negative gearing
The Hawke government’s decision in the mid-1980s to abolish tax deductibility for interest on negatively geared properties saw investors leave the market in droves. The resulting shortage of rental properties, coupled with vigorous lobbying by REINSW, forced the government to reverse the decision in 1987. Investors quickly re-entered the market, pushing up housing prices.
1990 Property sector hit by recession
Soft market conditions came when Australia entered the “recession we had to have.” Kicking off in 1990, the market suffered for five years. By the mid-1990s, Australia was on the road to recovery and 1995 to 1999 was marked by a period of sustained economic growth and a strengthening property market.
1992 The inaugural REINSW Novice Auctioneers Competition is held.
1995 The REINSW Residential Sales Chapter is established.
1998 Lobbying on CGT
Capital Gains Tax was introduced by the Hawke government in 1995. Over the next three years, REINSW lobbied for reform and in 1998 called for the abolition of CGT in favour of a speculative gains tax.
2000 The First Home Owners’ Grant Scheme commenced.
2004 Murders prompt new material fact disclosure laws.
2004 Realcover is established
Following the collapse of insurance giant HIH in 2001, REINSW seized the opportunity to set up a specialist professional indemnity insurance company for real estate agents. The main objective was to contribute to a more stable market and provide a more competitive and tailored product for the industry.
2005 Cristine Castle is elected as REINSW’s first female President.
2007 REINSW President Cristine Castle launched the Women in Real Estate conference.
2010 REINSW’s lobbying influenced the NSW Government to make key changes to the Residential Tenancies Act 2010.
2010 REI Forms Live is launched.
2010 A century of real estate industry leadership
REINSW celebrated 100 years of serving the industry in 2010. Marking the milestone, the then NSW Premier Kristina Keneally said: “Over the last 100 years, REINSW has developed into the largest association of property professionals in Australia, fulfilling an important leadership role and ensuring members’ interests are well represented to the Government, for the benefit of both the industry and the community.”
2013 The Council of Australian Governments abandoned plans to introduce national licensing.
2014 The first annual REINSW Industry Summit is held.
2016 Pathway to professionalism
Recognising that the industry was at a point of change, the REINSW Board made the decision to embark upon a campaign to seek recognition as a profession with the Professional Standards Council.
2018 Comprehensive changes to the residential tenancies framework are passed by NSW Parliament.
2019 REINSW began campaigning for the appointment of a Commissioner for Property Services.
2020 REINSW turns 110!
2020 Industry reforms start
After more than a decade of relentless lobbying, landmark reforms impacting training and practice standards are set to commence in March 2020. Throughout the reform process REINSW worked closely with the government to ensure the reform package meets the needs of all stakeholders.
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