Policies

REINSW's key policy platforms

In working to improve the operating environment for the property industry, REINSW has four key policies.

Real Agency Policy

REINSW seeks amendments to the existing regulatory environment to better enable property industry professionals to service the needs of property industry consumers efficiently and proficiently. An effective regulatory environment should:

• Focus on the need for compliance with professional standards, rather than adherence to an overly prescriptive, micro-managed and bureaucratic regime.
• Ensure that professionals servicing consumers in the property industry meet minimum standards of competency sufficient to provide professional service to consumers of the services supplied by the industry.
• Establish an efficient and comprehensive “safety net” to those who suffer loss arising from the provision of services in the industry.

REINSW believes it can make a valuable contribution to the regulatory environment and professional conduct of real estate agents in NSW.

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Real Space Policy

REINSW seeks reform to address the critical shortage of housing stock in NSW. Simply put, there are not enough houses being built to sustain New South Wales and in particular Sydney’s growing population. An annual production shortfall of more than 10,000 houses (as has occurred in each of the last six years) is unsustainable.

The reform process must involve:

• Producing an effective, co-ordinated strategy to drive land release.
• Increasing the commitment from all levels of government to infrastructure investment.
• Rewriting the complex, cumbersome and counter-productive Environmental, Planning and Assessment Act 1979.
• Embracing a comprehensive strategy to facilitate infill development, thereby allowing the construction of high quality higher density housing.

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Real Tax Policy

One of the most inefficient existing taxes in Australia is stamp duty on real property transfers.

Instead of abolishing stamp duty, States and Territories have increased reliance on it and exacerbated its problems. Land tax also fails criteria for good taxation.

Transfer duty and land tax are disincentives for investment in real estate as compared to other assets such as quoted securities which do not attract these taxes in Australia. Apart from the distortionary effects on market forces, it is unjust that State and Territory taxes discriminate between different investment opportunities. The Commonwealth, States and Territories need to eliminate inefficient and inequitable taxes impeding economic activity.

There must be a plan for stamp duty on real property transfers and land tax to eventually be abolished or significantly reduced. A Forum should be established to dialogue this objective. REINSW should be part of it.

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Real Tenancy Policy

REINSW seeks amendments to the existing regulatory regime for residential tenancies to strike a proper balance between the legitimate interests of residential investors and the provision of proper safeguards for residential tenants.

Striking a proper balance must involve:

• Recognising the importance of removing unnecessary impediments which discourage investors from choosing residential real estate as a preferred investment.
• Implementing a regulatory regime which is user-friendly rather than needlessly complex and prescriptive.
• Resourcing appropriately the dispute resolution facilities in the residential tenancies sector.

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