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Counting the costs: response to the consultation regulation impact statement proposal for national licensing for property occupations

Licensing Self-regulation Sector regulation Property investment Real estate Real estate agents Australia
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apo-nid115731.pdf 4.57 MB

The Real Estate Institute of Australia (REIA) welcomes the opportunity to provide a response to the Consultation Regulation Impact Statement Proposal for National Licensing for Property Occupations (RIS). This submission is endorsed by REIA’s member REIs, representing 80% of the Australian real estate profession – the Real Estate Institutes of the Northern Territory, Queensland, Australian Capital Territory, Victoria, Tasmania, South Australia and Western Australia. A letter of endorsement signed by all member REI Presidents is at Attachment. The proposal to replace the current system of state licensing schemes for property occupations with a national licensing scheme forms part of the Council of Australian Governments’ (COAG) ‘seamless economy agenda’. Whilst REIA supports the concept of national licensing, any reform must conform with COAG best practice principles, including in particular adopting policy options generating the greatest net benefit to the community. REIA believes that the profession cannot endorse a ‘race to the bottom’ as proposed in the RIS – a raw adoption of the lowest standard in force in Australia and adopt it nationwide. Further, REIA cannot understand how this RIS could conclude it was appropriate to remove all consumer protection from commercial and rural property sales when recent Victorian and NSW reviews of property regulation conducted against the requirements of the Competition Principles Agreement, as required by National Competition Policy.

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