Deregulation Sparks Alarm among Real Estate Professionals

Published : 1 December 2015

A decision by Government to repeal the Valuers Act 2003 has set alarm bells ringing for real estate professionals in New South Wales.

The move will see the deregulation of the valuing industry in NSW which the Real Estate Institute of New South Wales says, is a major cause for concern.

Minister for Innovation and Better Regulation Victor Dominello introduced a bill to repeal 30 laws, including the Valuers Act 2003, which will see the deregulation of the valuation industry in NSW and will remove government-controlled licences.

REINSW President Malcolm Gunning said if the government did not participate in the controls and oversight of the profession then "the potential for detriment exists.”

“We find it alarming that the government is on a constant campaign of delicensing,” Mr Gunning said.

“REINSW sees a role for professional bodies to work co-corporately with government for the oversight of compliance with the regulatory environment and the maintenance of professional standards.

“While industry must be involved in the process of regulation, it alone should not be solely responsible,” Mr Gunning said.