The news comes in the wake of the REINSW calling for a Parliamentary Inquiry into NSW Fair Trading after Nicolette van Wijngaarden, the director of Unique Estates, was charged with the largest trust account fraud ever recorded totalling $3.5 million.

REINSW CEO Tim McKibbin says it's time for the Premier Gladys Berejiklian to recognise the "value and importance that property has on the hearts and hip pockets of her constituents and the economy of the state".

“Residential real estate contributes $107 billion to the NSW economy annually and more than $8.4 billion to the State Government through stamp duty. However, New South Wales 'boasts' the most expensive real estate in Australia with government legislation and red tape adding more than 40 per cent of the cost of a new home.

“Residential real estate is a high value, low volume, high-risk investment that requires better levels of education and professionalism than Fair Trading can mandate," Mr McKibbin said.

“Creating a dedicated Property Services Commissioner will provide a consistent strategy to address housing affordability in New South Wales. It will provide a consistent strategy and framework to deliver better quality planning outcomes. It will also provide a single centralised overview of legislation and regulation that impacts residential, commercial, strata and rural property.

“A Property Services Commissioner will be able to advise the government on best outcomes to remove legislative red tape and improve consumer protection as well as support the drive to increase education, service delivery standards and consumer satisfaction through the property services industries."

“We are seeking over 10,000 signatures, as this level of engagement means that a third of the profession is voicing their opinion and action would need to be taken,” Mr McKibbin said.

Mr McKibbin told WILLIAMS MEDIA it would be "grossly negligent" for Ms Berejiklian to ignore the issue.

"We (the real estate industry) are the biggest industry in this state and this country. We make a greater contribution to state revenue than any of the other industries. I would be very surprised if the Premier would ignore a dissatisfied property industry - I think that would be grossly negligent to discard our position," Mr McKibbin said.

"When you have one of your major stakeholders unhappy you may be able to explain that. But when you have all of your major stakeholders prepared to commit their dissatisfaction in one letter that must be taken seriously."

Sign the "Gladys Berejiklian: Move Property Services Out of Fair Trading" petition here

Related reading:

Rift between REINSW and Fair Trading deepens after call for Parliamentary Inquiry

REINSW CEO blasts Fair Trading, calls for dedicated property minister

"The industry does not seek self-regulation" REINSW CEO sets record straight