- The Property Services Council Bill 2021 is set to be debated this week
- "An opportunity for genuine reform" argues REINSW CEO Tim McKibbin
- NSW Gov plan to block the bill "doesn't pass the common-sense test"
“Reform is on the agenda this week but a property tax alone hardly constitutes reform,” opens Tim McKibbin, Real Estate Institute of New South Wales (REINSW) CEO, in his weekly remarks.
Mr McKibbin has regularly said that holistic reform is required to address the housing crisis in New South Wales and has cited the Property Services Council Bill 2021 as an example of this.
Scheduled to be debated in the Legislative Assembly next week, the proposed reform includes the appointment of a commissioner dedicated to real estate services. The legislation was originally introduced by the Shooters Fishers and Farmers Party back in March.
“At long last, it’s an opportunity for genuine reform,” continued Mr McKibbin.
“The many issues affecting the industry which demand a more appropriate regulatory response, from supply, affordability, agent education, consumer protection and more, will be put under the microscope with the opportunity for an industry-experienced regulator to deliver better outcomes for everyone.”
Tim McKibbin, REINSW CEO
However, Mr McKibbin is concerned with the NSW Government’s plan to block the Bill – an act, he says “doesn’t pass the common-sense test.”
Investors are returning; winter to impact sales
More broadly, Mr McKibbin has observed investors are returning to the market, which increases competition for first home buyers.
“The more active investors there are, the more encouraged vendors will be to proceed with listing their properties for sale, freeing up supply,” he said.
Mr McKibbin noted that clearance rates that eased in recent week, which is expected due to seasonal factors – traditionally, homes are less likely to sell in winter.
However, he expects about 80% of appropriately priced properties under the hammer to sell this week.
