Apr 12, 2017

Land Titles Registry sale a disaster for millions in NSW

PSA Media release:

The NSW Government decision to lease the 150 year old Land Titles Registry to Hastings Funds Management and First State Super is a recipe for disaster for millions of property owners across NSW said the Public Service Association (PSA).

“It is hands down, the most appalling fire sale decision yet by a Government with a strong track record in that area”, said PSA General Secretary, Stewart Little.

“The Government trumpets its efforts on ‘life-changing projects’ but what could be more life changing for millions of people across NSW than to lose the security on their own property?

“Just as the PSA feared all along, ultimately the personal property records of the people in NSW will be held offshore given a portion of the successful consortium is based in London.”

Currently, the Government provides insurance and security of property titles. But now the Registry has been sold to a private operator, individual land owners may be forced to take out insurance to guard against unscrupulous property developers or fraud.

“These super companies will be out to turn a profit for their members,” Mr Little said.

“In recent times, Registry costs to the consumer have increased by 300%, just to fatten the company for sale and it will only get worse.

“How on earth can the Premier call this a win win situation?

“Selling a critical Government function that has such an enormous bearing on the economy and the lives of every land and property owner in NSW is nothing short of ideology gone mad.

“Academics, former senior staff, community groups, major newspapers, property developers and even prominent members of the Liberal Party have all joined the PSA in condemning the idea.”

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