Government slow to move on property
Property Investment Professionals of Australia (PIPA) has called for property to be regulated as a financial product under the Corporations Act.
Following a recent Treasury submission by the Association of Superannuation Funds of Australia, PIPA chairman Ben Kingsley said he could not understand why property did not fall under the terms of a financial product, given the appetite from self-managed super funds (SMSFs).
"There's no doubt that SMSFs and the ability to have limited recourse loans have opened direct residential property as an investment vehicle for these super funds," Kingsley said.
The proper regulation of property is essential to any super fund or direct investor purchasing property for investment purposes, he said.
Kingsley said PIPA has made several submissions to the Government on this matter and it will continue to take petitions from consumers in order to protect their best interests.
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