NSW GOVERNMENT ANNOUNCEMENT - 21 Oct 2015 Mr VICTOR DOMINELLO, NSW Minister for Innovation & Better Regulation "The NSW Government has made the decision to repeal the Valuers Act 2003, and will deregulate the valuation industry effective from Feb 16, 2016. Valuers will no longer have to pay the $885 registration fee to obtain a licence. It also means that valuers will no longer have to pay a $747 renewal fee every three years to maintain their licence... These changes include the role of professional associations such as (Australian Valuers Institute) to regulate and assess the quality of service of licence holders. A number of pieces of legislation that currently refer to the registration of valuers will now refer to the requirement of a person to have membership of the Australian Valuers Institute or (other peak industry body) to fulfil the requirement to be a qualified valuer. The NSW legislative changes will bring the State into alignment with other States, such as Victoria, on February 16, 2016."
Interesting @Propertunity. Thanks for sharing. Will this have any impact on home owners/investors, getting valuations on their property?
I don't know much about the Valuation legislation in NSW but what do people see as the negatives of this? What aren't you looking forward to? Other states appear to get on alright with oversight from the API or RICS.
