The real estate industry has given a lukewarm welcome to the Council of Australian Government's (COAG) proposals to introduce national licensing on property, with the Real Estate Institute of Australia (REIA) saying it would not support the new reform.
Responding to COAG's Regulation Impact Statement (RIS), REIA says it would recommend "maintaining the status quo", for the time being at least, because the government's "proposal fails to take into account the needs of consumers".
In particular, the institute has expressed a concern over the lack of qualified professionals working within the property sector, as the new proposal will not enforce ongoing professional development as a requirement for licensing.
The REIA is therefore worried that the introduction of national licensing "will result in many practitioners not participating in legislative updates which are pertinent to their area of real estate practice".
However, the institute insists it does support national licensing in principle, but will continue to oppose the RIS until the terms of the proposals are modified to better suit the needs of consumers.