Gladys Berejiklian: Move Property Services Out of Fair Trading

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As members of the property services industry, we call upon the NSW Government to move property services out from under the Department of Fair Trading and under the direction of the Premier & Cabinet.

This would move the real estate, planning, surveying and conveyancing sectors under a common strategy and direction to:

  • Understand the key issues affecting real estate, housing supply and planning in NSW from a position of industry experience and knowledge.
  • Provide a single centralised overview of legislation and regulation that impacts residential, commercial, strata and rural property as it affects upon property owners, tenants and the businesses that operate in the industry.
  • Provide a consistent strategy to address housing affordability in NSW
  • Provide a consistent strategy and framework to deliver better quality planning outcomes in NSW
  • Supporting the drive to increase education, service delivery standards and consumer satisfaction through the property services industries.
  • Advise government on best outcomes to remove legislative red tape and improve consumer protection.

Residential real estate is a $107 billion industry annually in NSW* and contributes more than $8.4 billion to the economy through stamp duty**. However, NSW 'boasts' the most expensive real estate in Australia with government legislation and red tape adding more than 40% of the cost of a new home***.

There is little coordination between departments adding to the costs of every transaction. Meanwhile Fair Trading grandstands the delivery of ineffectual legislation, demonising the hardworking people within the industry of whom less than 0.05% have – by the departments own data – done anything wrong.

Residential real estate is a high value, low volume, high risk investment that requires better levels of education and professionalism than Fair Trading will mandate.

Consumers deserve better levels of governance than low cost, high volume, low risk transactions such as tattoo artists, hairdressers and tow-truck drivers require. The 37,700 people in the industry deserve and require more support from a competent and industry experienced regulator.

The industry needs someone who can support our outcomes of:

  • Professional standards for real estate agents
  • Improved consumer protection
  • Reduced barriers to entry for property buyers
  • Improved housing affordability and supply
  • Adequate representation for investors, landlords and renters

We call on the Premier, Gladys Berejiklian, to recognise the extraordinary value and importance that property has to the hearts and hip pockets of her constituents and the economy of the state.

Sign our petition to ask the Premier take ownership of property services and place it under the direction of a Property Services Commissioner reporting to the Department of Premier and Cabinet.

Visit the campaign website to keep up to date and to read our full election policy.

 

Sources: *CoreLogic, ** Statetax.com.au, *** HIA

 



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