Mates protecting mates in property - Cosgrove
NZPA | Monday, 22 October 2007
Housing Minister Clayton Cosgrove has again lashed out at the Real Estate Institute, saying there is a growing perception of mates protecting mates in the sector.
In a speech to the Property Investors Federation conference in Christchurch, Mr Cosgrove said final decisions for reform in the sector would be announced shortly.
"The current self-regulatory system lacks independence, transparency and accountability," Mr Cosgrove said.
"It is little wonder that there is a growing perception of 'mates looking after mates' in the sector."
Mr Cosgrove said the statistics spoke for themselves.
REINZ said between 2004 and 2006 it had referred only nine of the 507 public complaints received to the Real Estate Licensing Board which was the only body with real teeth in the system.
"Added to these are also an unknown number of complaints that REINZ has received from the police, insurance companies and other agencies, with no transparency as to the nature or the outcome of those complaints."
Mr Cosgrove also told the conference that a Residential Tenancies Bill was likely to be introduced later this year.
It was intended to create more stable tenancies for long term rentals and make it easier for landlords to recover losses, he said.
- NZPA
NZPA | Monday, 22 October 2007
Housing Minister Clayton Cosgrove has again lashed out at the Real Estate Institute, saying there is a growing perception of mates protecting mates in the sector.
In a speech to the Property Investors Federation conference in Christchurch, Mr Cosgrove said final decisions for reform in the sector would be announced shortly.
"The current self-regulatory system lacks independence, transparency and accountability," Mr Cosgrove said.
"It is little wonder that there is a growing perception of 'mates looking after mates' in the sector."
Mr Cosgrove said the statistics spoke for themselves.
REINZ said between 2004 and 2006 it had referred only nine of the 507 public complaints received to the Real Estate Licensing Board which was the only body with real teeth in the system.
"Added to these are also an unknown number of complaints that REINZ has received from the police, insurance companies and other agencies, with no transparency as to the nature or the outcome of those complaints."
Mr Cosgrove also told the conference that a Residential Tenancies Bill was likely to be introduced later this year.
It was intended to create more stable tenancies for long term rentals and make it easier for landlords to recover losses, he said.
- NZPA
Comment