Abstract:
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.
