This article is from the Australian Property Journal archive
IN a move likely to deal a major blow to real estate data resellers, the NSW government will make all residential sales history available free of charge.
The move is expected to cost some companies tens of millions of dollars as consumers, valuers, agents and banks can access the data free of charge on http://globe.six.nsw.gov.au/
Senior bank sources told Property Review that the industry would be lobbying the Victoria as well as other state governments to follow in the footsteps of NSW.
NSW Minister for Finance, Services and Property, Dominic Perrottet said sales history data held by Land and Property Information (LPI) will be available on the NSW Globe application, harnessing Google Earth technology.
“Today we are meeting our election commitment to make sales data available for free and in an open format by the end of October 2015.
“Consumers expect the latest information at their fingertips anywhere, anytime – we are pleased to help them make affordable and informed choices when buying and selling property,” Perrottet said.
The Minister said the government was looking to further reform LPI so that it continues to provide innovative and up to date data.
“The first plank of this reform will be a structural separation of LPI’s operational and regulatory arms by early next year, along with a more transparent pricing framework.
“We hope these reforms will align LPI with international best practice, allowing it to respond more effectively to emerging trends in the property industry,” he added.
Treasurer Gladys Berejiklian said the government was also launching a comprehensive scoping study to investigate future options for LPI including possible private investment.
“This scoping study will examine whether the private sector is better positioned than government to run the operational side of LPI’s business in an efficient and cost effective way.
“Any potential future private sector involvement in LPI will only proceed should the scoping study conclude that it is in the best interest of the people of NSW and the agency’s workers in Sydney, Bathurst and across regional NSW,” Berejiklian said.
Australian Property Journal
