- Reform has long been on the agenda for the REINSW, argues CEO Tim McKibbin
- The Property Services Council Bill 2021 will be debated this week in the NSW lower house
- NSW government is set to vote against a property reform bill, against the wishes of REINSW
Amid calls for property reforms, the Property Services Council Bill 2021 will be debated this week in the NSW parliament’s lower house, having passed the upper house.
“Many consumers are unaware of the significance of the reform on the agenda for the real estate industry in New South Wales,” said REINSW CEO Tim McKibbin.
“In short, what it will do will be to install an industry-experienced independent authority to regulate the industry and remove it from Fair Trading’s control.
“Should it pass, all of the issues which Fair Trading has been unable to address in the industry for the last 20 years will finally be able to be looked at fresh, by someone with actual experience and expertise in the complex area that is property.”
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.
“Unfortunately, the Government has indicated it will block the Bill. It’s a move that fails the common-sense test.”
Tim McKibbin, CEO, REINSW
REINSW’s travelling roadshows wrap up this week. Having travelled extensively across metropolitan and regional markets in recent weeks and months, some common themes have emerged.
“Affordability, lack of options for people looking to buy and rent, lack of supply, and growing frustration.
“Reform is necessary. Everyone recognises this, even the NSW Government, [however] its approach is predictably short-sighted: tax.
“Consumers need and want a better response, and an experienced regulator for this major industry would be the best place to start.”
