Property Investors Council of Australia Launched
A new organisation representing Property Investors in Australia is set to be launched, with the aim of stopping investors from being ‘singled out’ by Governments.
The Property Investors Council of Australia (PICA) is set to be launched, with the objective of spreading a positive message about Australia’s property investors. The Not-for-profit association will be run ‘by investors, for the interests of property investors’ according to a draft announcement released in October.
The group’s objectives include spreading the message that property investors contribute to tax revenue, job creation, property and rental accommodation supply and affordability, self-funding retirement and economic growth. But it also aims to stop investors from being “singled out” as the main cause of unaffordable housing.
Chairman of the soon to be formed group Ben Kingsley said the overall goal of the organisation is to “be a strong and united voice for the two million-plus property investors in Australia who currently don’t have a voice”.
The formation of the Property Investor focussed lobby group has caused a stir within the real estate industry, with some even calling this the ‘Preparation for a tenant-led war’. However, cooler heads like the Real Estate Institute of NSW (REINSW) chief executive Tim McKibbin said it was ‘inevitable’ that property investors would come together to lobby the government.
“Residential property investors … shoulder a great deal more burden than other forms of investors and a good share portfolio doesn’t put a roof over someone’s head,” Mr McKibbin said.
“We need more investment and yet we are seeing it becoming a political football.”
Among the issues that the group will be tackling are any proposed changes to negative gearing, addressing what they see as a shortfall in housing supply and regulating property advice.