The Real Estate Institute of NSW (REINSW) has upped calls for a property sector overhaul, urging the lower house to follow the lead of the upper house and pass the Property Services Council Bill.
According to the REINSW, the current set-up, which sees real estate fall under the regulatory umbrella of NSW Fair Trading, isn’t adequate given real estate’s sheer size and its estimated $10 billion contribution to the state’s tax revenue.
As such, the REINSW sees the Property Services Council Bill — introduced and passed by the Legislative Council — as a way to right several wrongs and as a stepping stone towards the creation of a “key regulatory authority for the property services industry”. “A dedicated, experienced authority committed to delivering better outcomes for consumers and genuinely engaging with industry is essential,” said REINSW CEO Tim McKibbin.
Mr McKibbin’s and the REINSW’s push for the bill’s passage hinges on the belief that NSW Fair Trading is unable to dedicate the appropriate time to the real estate industry given that its authority includes 40 other industries in the state. "I don’t need to dedicate any time convincing you that NSW Fair Trading is not a good fit for our Industry – if you have had your own dealings with this organisation."
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