Several industry organisations have urged the New South Wales government to appoint a dedicated commissioner for property services.
The Real Estate Institute of NSW (REINSW), the Australian Institute of Conveyancers (NSW Divison), the Australian Livestock & Property Agents Association, Estate Agents Co-operative, Owners Corporation Network, The Property Owners’ Association of NSW and Strata Community Australia (NSW) have made a joint submission to NSW Premier Mike Baird expressing the need for a property commissioner.
REINSW president John Cunningham said the property industry is the engine room of the state’s economy and the single largest contributor to the government’s revenue, and it is time to provide it with the focus it deserves.
“Currently the regulation of the professional service providers who serve the property industry is undertaken by largely inexperienced personnel,” he said.
“It is fragmented and lacking the requisite focus from government befitting an industry of this significance.
“We believe the establishment of a commissioner for property services who will work cooperatively with [the] industry will improve consumer confidence and ensure the prosperity of the sector is maximised for the benefit of all stakeholders.”
Mr Cunningham said that while the property industry appreciates the Baird government’s commitment to moving towards higher standards and a more co-operative relationship, it cannot evolve to respond to the expectations of the contemporary property consumer if service providers remain under the broader umbrella of NSW Fair Trading.
[Related: REINSW backs foreign investment reforms]