The NSW State Government has recently 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 on the 17th of 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.