REINSW launches petition for Property Services Commissioner

30 November 2018

The Real Estate Institute of New South Wales is calling on the community to sign a petition for the real estate profession to move out from NSW Fair Trading and place it under the direction of a Property Services Commissioner reporting to the Department of Premier and Cabinet.

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.

“We are seeking over 10,000 signatures, as this level of engagement means that a third of the profession is voicing their opinion and action would need to be taken,” Mr McKibbin said.

Want more?

For further information or to arrange an interview with Tim McKibbin, contact Helen Hull on 0419 642 961 or email [email protected]
Download the media release
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