Friday, April 14, 2017

PSA – Land Titles Registry sale a disaster for millions in NSW

Apr 12, 2017
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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