Residential Property Investment: Is Regulatory Change Neccessary
- Pacific Rim Real Estate Society (PRRES)
- Publication Type:
- Conference Proceeding
- Proceedings from the PRRES Conference - 2005, 2005, pp. 1 - 19
- Issue Date:
Residential property investment has been incorporated into investment portfolio s and retirement plans of many Australians with increasing momentum over the past 10 years. The role of real estate agents in the marketing and sale of new residential property and the legislation governing real estate agents is now under review by both State and Commonwealth Governments. As the roles of real estate agents and investment advisers / financial planners begin to blur, the introduction of appropriate legislation governing these participants along with unlicensed marketers and seminar operators needs to be introduced. A conceptual framework has been adopted to identify the key area of the divide of independence that needs to exist between investor and marketer, be they agent, financial planner or adviser, with commentary highlighting areas of concern. The evolution and status of both State (NSW) and Commonwealth regulation governing agents and advisers / planners has been considered, with perceived concerns and gaps discussed. In conclusion, an analysis of the complaints lodged with both state and commonwealth agencies, has been reviewed, with recommendations made to address the issues raised, which are currently not dealt with, or adequately dealt with under existing regulatory provisions.
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