New Legislative Rules for Valuers
The NSW State Government today announced its decision to repeal the Valuers Act 2003, due to a change of oversight of licensing within the industry. This change will bring NSW into better alignment with the other states, who have already enacted similar state policies.
According to the Bill passed today 17th November 2015, the new regulations mean that the state government will no longer be in charge of authorising valuer licenses. Instead awarding of licenses will fall to other industry bodies such as the Australian Valuers Institute, to oversee the numerous licensing categories for practising Valuers within Australia, thus saving the state government a large sum of taxpayer’s money.
The decision to offset a large portion of government spending now means that industry bodies are able to regulate and maintain the qualifications of their members required to operate within the industry. Due to the fact that a large part of the work done within the industry is done by large corporations who are able to maintain their own policies on work quality and work ethics.
As a result of these savings, the Australian Valuers Institute will be able to provide its members with lower registration and licensing fees across all areas of the industry, such as Property, Machinery and Antiquities, etc.