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NSW has established an independent commissioner for the property industry in a move intended to support its professionals and strengthen regulation of the sector.
In announcing the move, Minister for Fair Trading Eleni Petinos noted the state’s property services sector is worth $24 billion and supports 37,000 jobs. It’s why Ms Petinos embarked on a “property services listening tour” earlier in the year, the results of which impressed on her the need to evolve the current system for overseeing the industry.
“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 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.”
The state moved to establish a property services commissioner in November 2021. Following advice from the industry, Ms Petinos said the position would be given 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. This move also establishes the commissioner as an independent, statutory position.
Real Estate Institute of NSW (REINSW) chief executive Tim McKibbin joined leaders in the property sector in welcoming the news of the change.
“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.
Chris Duggan, president of the Strata Community Association of Australia, added that this evolution of the commissioner’s role signalled a “commitment to ensure that consumers in the property sector are at the centre of reform and compliance”.
The secretary of the Department of Customer Service Emma Hogan will appoint an acting property services commissioner from 1 August while legislation progresses through the NSW Parliament. It appears current property services commissioner John Minns will not be moving into the role.
“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.”
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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