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The NSW state government has announced it will establish an independent statutory Property Services Commissioner to support both consumers and the property services industry.
The state government has confirmed that it will move to establish a Property Services Commissioner, a step it has been working towards since November 2021.
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Following advice from the industry during a “property services listening tour” earlier this year, it has been confirmed that an independent Commissioner would be appointed.
As a result, the NSW government will legislate to provide the Property Services Commissioner with 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.
The current Property Services Commissioner John Minns will not be moving into the role.
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.
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.”
Ms Petinos thanked the current Property Services Commissioner for his role, stating: “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.
“I thank John for his efforts and wish him well for the future.”
Real Estate Institute of New South Wales (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”.
Similarly, John Foong, chief revenue officer at property marketplace website Domain, said: "It is positive to see the appointment of an independent statutory Property Services Commissioner, and I agree that this appointment will revitalise the property services industry.
"The projects outlined, and the effect they'll have on the industry is certainly a beneficial step forward. In particular, the call out for digital transformation through Project Beyond is something I am excited to see. "
He added: "We look forward to the substantial benefits the Commissioner will bring to both the industry and consumers. We’re excited to be part of this transformation of Australia’s favourite industry."
[Related: NSW confirms stamp duty reforms from 2023]
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