“You Don’t Want to Get a Property Acquisition Wrong”:
A Conversation with Tim McKibbin
I recently had the pleasure of sitting down with Tim McKibbin, CEO of the Real Estate Institute of New South Wales (REINSW), for an unfiltered conversation on everything from Sydney’s housing crisis to AI, stamp duty, and why engaging a buyer’s agent just makes sense.
In classic McKibbin fashion, he didn’t mince words.
“We’ve been in a housing crisis for the 20 years I’ve been at the Institute,” he said bluntly. “I haven’t seen anybody with any real ideas coming forward to address the problem.”
It’s a striking admission – and one that set the tone for a wide-ranging discussion that anyone with an interest in property should watch.
The Root of the Crisis? Supply, Not Demand
“The government is trying to solve a supply problem with demand,” Tim explained. “They’re letting you access your super, giving you grants, letting you borrow more – but there’s no more property. So all that does is drive prices up.”
It’s an uncomfortable truth for first-home buyers, investors, and anyone trying to find a place to rent: the market is brutally short on stock. The data backs it up too – with vacancy rates well below 2% and migration into NSW exceeding 15,000 people per month.
Tim didn’t stop at diagnosis – he pointed to the slow planning system, local politics, and excessive taxation as major roadblocks. “It took us longer to get council approval for a renovation than it did to actually do the renovation,” he said. “And more than 40% of the price of a new home is government taxes and charges. That’s not affordability – that’s hypocrisy.”
Investor Exodus: The Consequences of Poor Policy
Tim didn’t shy away from criticising recent reforms that, while well-intentioned, may have unintended consequences. “Landlords now have to allow four pets in a property,” he noted. “And it’s harder to recover possession. The result? In April alone, we saw 702 fewer rental properties come to market.”
This is something our own business has observed firsthand. Once a 50/50 mix, our client base now leans heavily toward owner-occupiers. Investors are pulling back – and as Tim confirmed, “ABS data shows investment loans are already dropping.”
Why Buyers Agents Matter More Than Ever
Throughout the conversation, one theme kept emerging: navigating the current property market is not for the faint-hearted.
“It’s a complex and emotionally charged activity,” Tim said. “If I buy a bad coffee, I’ll just throw it away. But you don’t want to get a property acquisition wrong. A buyer’s agent is a really good investment… someone to put a calming hand on your shoulder and offer experienced, unemotional advice.”
I couldn’t agree more.
At a time when misinformation, underquoting, and opaque negotiation tactics are still prevalent, a buyer’s agent brings transparency, confidence, and clarity – especially for those dreading an auction or unsure how to proceed in a private sale.
Looking Ahead: Technology and Trust
Despite the industry’s challenges, Tim remains optimistic about the role technology can play. REINSW has introduced an AI board advisor named “Alice” to help lead innovation from within. “Agents won’t be replaced by technology,” Tim said. “But agents who don’t use technology will be.”
Still, he stressed that nothing can replace trust. “The industries that survive are those where there is a personal relationship. Tech can’t replicate that – at least, not yet.”
Finally, What’s Tim’s Dream Property?
“If I could buy property anywhere?
I’d go to a buyer’s agent like you,” he said, smiling.
“And I’d ask for a place with a great view on the Northern Beaches, but only 15 minutes from work.”
Challenge accepted, Tim.
