- The real estate industry has rescued the NSW budget, Tim McKibbin declares
- REINSW urges state government to work with - not against - the real estate industry
- Mr McKibbin continues his push for property reform
Tim McKibbin, CEO of the Real Estate Institute of New South Wales (REINSW), has once again called out the NSW Government for failing to work cooperatively with the real estate industry on property reform.
As Sydney house prices continue to soar – becoming the third most unaffordable city in the world according to the 2021 Demographia International Housing Affordability report – there have been heightening calls for the state government to implement long-lasting property reform.
Most recently, the REINSW has continued pushing for the government to pass the Property Services Council Bill 2021, which according to Mr McKibbin will “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.”
However, the government has indicated it will block the bill, which Mr McKibbin described as “failing the common sense test.”
As he has done previously, Mr McKibbin pointed out today that stamp duty from property transactions has contributed over $9 billion to the state’s economy. He said this is a timely reminder that the only reason why the state budget could be back in black within 3 years is on the back of record stamp duty revenue.
“Real estate consumers have done the heavy lifting and real estate industry employees have worked hard to facilitate the strong market activity.
“The outcome is that we all benefit, not least of all the NSW Government.
“The industry that provides so much from a social, economic, employment and revenue standpoint deserves a more receptive ear from Government, particularly in relation to some of the contemporary issues affecting consumers and the market.”
“We believe there is an opportunity for a better environment for engagement between consumers, the industry and Government, as these latest stamp duty figures prove just how crucial the sector is to our state,” Mr McKibbin declared.
Mr McKibbin has also argued that reforms to increase the supply of housing are needed to make it more affordable for prospective buyers.
Research has shown that onerous planning regulations and an overly complex planning approvals process stifle housing supply. Many big names, including NAB‘s chief Ross McEwan and Reserve Bank of Australia (RBA) Governor Philip Lowe, have recently called on state governments to cut red tape, streamline the approvals process and allow more houses to be built to meet the massively rising demand.