Property spruikers still lurk, warns PIPA
Despite the increased awareness of spruikers in the property investment space, "dodgy operators" remain a significant issue for investors, according to the Property Investment Professionals of Australia (PIPA).
As investment in property via SMSFs continues to gather pace, PIPA’s chair, Ben Kingsley, has said “dodgy operators and underhand practices remain an ongoing problem in the property investment industry”.
PIPA has long argued for increased regulation in the property investment space, with Mr Kingsley previously telling SMSF Adviser the government should legislate for property to be classed as a financial product when the purpose of sale is for investment
“As long as property investment remains unregulated, Australian investors will remain at the mercy of profiteering property spruikers,” Mr Kingsley said.
However, with the recent change of government, Mr Kingsley said PIPA is optimistic that the regulation of property investment is “one step closer”.
“The new Liberal government had expressed concerns over the lack of property investment regulation whilst in opposition, and we are hopeful that in the New Year we will see some progress made in this regard,” Mr Kingsley said.
PIPA has also recently announced the launch of an “anti-spruiking” advertising campaign, which Mr Kingsley said represents the association’s intent to “eradicate unscrupulous practices”.