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Dunne: Real estate now government controlled

Tuesday, 6 November 2007

Dunne: Real estate now government controlled

UnitedFuture leader Peter Dunne says the government's planned changes to the real estate industry effectively place the industry under government control and go too far.

He says that while changes to the regulation of the real estate industry are overdue, they should have been made through strengthening the existing disciplinary structures and holding the Real Estate Institute more accountable for the conduct of real estate agents.

"Instead, the government has opted to impose its own regulatory structure on the sector, making a mockery of its previous commitment to industry self regulation.

"Since the industry is required to bear the cost of this new imposition, the net immediate effect will be that that cost will be borne by homebuyers, the very group the government says it wants to protect," he says.

Mr Dunne says the changes are more about the government being seen to do something, rather than establishing a system that will work.

"I hold no particular candle for the real estate industry, which does need a shake-up, but I think the Minister has got carried away on an emotional tide on this issue, which has become more focused on being seen to do something bold, than making the system work.

"The most worrying aspect of this is the warning it implies to all other industry sectors that the government will step in and take over their regulation if they do not behave the way the government wants, thus increasing compliance costs and making it more difficult to do business in New Zealand.

"I am surprised business groups who normally rail against these issue are standing by and letting it happen," he says.

ENDS

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