There are more than 80,000 professionals employed directly or indirectly in the property industry to give advice, but research suggests that less than one per cent of this number are formally qualified, according to the Property Investment Professionals of Australia (PIPA).
Property investment advice is one of the few areas currently unregulated, said PIPA’s chair Ben Kingsley, and currently “anyone” can promote property as an investment.
“PIPA will continue to lobby the Australian government to regulate the property investment industry – and this is top of our agenda in 2013,” said Mr Kingsley.
“But in the meantime, we’re calling on members of the industry to work together to protect our reputation and help consumers seek out qualified professionals who have both the educational and ethical standards required to provide quality advice on property.”
Mr Kingsley, said the current lack of regulation is “ludicrous”, and indicated that PIPA will be calling on mortgage brokers, accountants, financial planners, buyers’ agents and other industry professionals to either ‘up-skill’ or obtain recognition for their skills. This will allow them to become a Qualified Property Investment Adviser (QPIA).
“Australians deserve accurate property investment advice and a directory of appropriately qualified professionals they can trust,” he said.