The property services industry will be revitalised with the announcement of an independent statutory Property Services Commissioner.
Minister for Fair Trading Eleni Petinos said the property services sector is worth $24 billion annually to the NSW economy and supports 37,000 jobs.
“Whether it’s buying or renting a home, navigating strata or looking for land, everyone engages with the property services sector at some point, and for many consumers, this is often on their biggest investment. This is why we want to ensure those working in the industry are supported and empowered in meeting consumer needs,” Ms Petinos said.
“Establishing an independent statutory Property Services Commissioner will drive future reforms to support both consumers and the property services industry, helping to ensure a strong and professional sector and build a brighter future for the entire industry.
“We’ve considered the feedback collected during the Property Services Listening Tour. As a result, we will legislate to provide the Property Services Commissioner more responsibility for the regulation of the sector, including managing complaints, direct communication and engagement with consumer groups and industry, and investigating breaches of relevant legislation.
CEO of the Real Estate Institute of NSW Tim McKibbin commended the NSW Government on this decision.
“We have been calling for an Independent Statutory Property Services Commissioner to support the industry and consumers as we believe an independent Commissioner will deliver substantial benefits for both the industry and consumers,” Mr McKibbin said.
President of the Strata Community Association of Australia Chris Duggan also welcomed the announcement.
“It is important for our industry, clients and customers to have an independent voice to resolve complaints and progress regulatory reform. This evolution of the Commissioner’s role is a sign of the commitment to ensure that consumers in the property sector are at the center of reform and compliance,” Mr Duggan said.
Minister Petinos acknowledged the contribution of Property Services Commissioner John Minns.
“John has contributed greatly to the NSW Government’s modernisation of the property services industry by engaging with stakeholders and providing a platform for the continued journey,” said Ms Petinos.
“I thank John for his efforts and wish him well for the future.”
The Secretary of the Department of Customer Service Emma Hogan will appoint an Acting Property Services Commissioner from 1 August whilst the NSW Parliament considers legislation.
