The Property Investment Professionals of Australia (PIPA) looks forward to working with the new Prime Minister, Scott Morrison, to regulate the provision of property investment advice.
PIPA has previously raised the issue – as well as the importance of property investment – with Mr Morrison during his tenure as the Federal Treasurer.
In fact, Mr Morrison provided commentary about the economic and societal significance of property ownership last year.
PIPA chairman Peter Koulizos said that the property investment profession as a whole hoped that a period of political stability would provide the opportunity to discuss the matter in more detail.
“Notwithstanding the recent political issues, PIPA is hopeful that clearer heads will soon prevail to underpin our nation’s political and economic stability,” he said.
“Since Mr Morrison provided commentary about property investment and home ownership last year, the Sydney and Melbourne property markets have softened considerably.
“That means that Labor policies on negative gearing, which will ultimately unravel the wealth creation efforts of millions of Australians, are even more absurd now than they were a year ago.”
Mr Koulizos said the lack of regulation in the provision of property investment advice continued to put thousands of prospective property investors at risk.
“Contrary to some alarmist media reporting, about 70 per cent of Australian property investors only own one property because all they want to do is improve
their financial situation as well as their lives in their twilight years,” he said.
PIPA was formed by industry practitioners with the objective of representing and raising the professional standards of all operators involved in property investment.
By developing codes of ethics and conduct, and professional standards of accreditation and education, PIPA members demonstrate their commitment to excellence to the investing public, government, regulators, the media and other stakeholders within the property investment industry.
“Until such a time as the government takes regulation of property investment advice seriously, PIPA will continue to provide the public with warnings about only working with ethical and professional industry practitioners,” Mr Koulizos said.
“Whether they’re looking for a property investment adviser, mortgage broker or accountant – essentially any professional involved in the property investment process – investors should look for the PIPA logo.
“PIPA members must adhere to our strict code of conduct, which offers property investors the best assurance that they are dealing with a trusted professional.”
NOTE TO EDITORS
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The Property Investment Professionals of Australia (PIPA) is a not-for-profit association established by industry practitioners with the objective of representing and raising the professional standards of all operators involved with property investment.
Since its inception, PIPA has developed codes of ethics and conduct and professional standards of accreditation and education for the property investment industry, including a Property Investment Adviser Accreditation Course.
PIPA is actively lobbying the federal government to bring property investment advice into a regulatory framework. Until such regulation is introduced, PIPA will continue to provide the public with warnings about working with ethical and professional industry practitioners.
For more information visit www.pipa.asn.au