Thu
23 May
2019

Legislation for property sector "vital"

The Property Investment Professionals of Australia (PIPA) said on Monday that is looking forward to working with a Coalition Government to secure vital legislation for the sector.

The association plans to discuss regulation in the property investment advice space to government representatives in coming months, according to PIPA Chairman Peter Koulizos.

“One of the association’s long-standing aims has been securing regulation to drive out spruikers from our sector and to protect consumers from dodgy operators. We look forward to discussing this important issue with the government in due course,” he said.

Koulizos said the election result suggests that Australians valued property ownership strongly. “Labor’s policy to restrict negative gearing and reduce the concession on capital gains tax was always poor, but especially so in a mostly underwhelming property market environment,” he said. “Creating an us-and-them campaign by classifying all landlords as ‘greedy’ also did the opposition no favours when the vast majority of property investors only own one property and are just trying to improve their financial futures.”

The industry group chairman also pointed out how the wider real estate sector joined together to protect the jobs of hundreds of thousands of people employed in the industry.

“The sector also understood the potential negative impact of Labor’s housing taxation policies on the market as well as on the wealth of everyday Australians,” Koulizos said.

 

Kay Rivera, Your Investment Property, 23 May 2019
https://www.yourinvestmentpropertymag.com.au/news/legislation-for-property-sector-vital-263023.aspx