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Business View Australia - March-April 2016 139
PERTY DEVELOPMENT
recommend a greater focus on
compliance and enforcement. On
a broader level, REIA says that
Australia has a regulated approach
to foreign investment in property
as opposed to the open-door
approach of countries like the USA.
Amanda Lynch says, “The objective of
Australia’s foreign investment policy,
as it applies to residential property, is
to increase the supply of new housing.
And it has been proven to do this.”
Another important role played by
REIA is that it represents the interests
of thousands of small businesses
across the country as 99% of real
estate agencies are small businesses
and 11% of all small businesses
in the country are involved in real
estate. Although these agencies are
members of the Real Estate Institutes
located in their State or Territory, they
are indirectly represented by REIA
which is in a strong position to put
across their views at various forums.
REIA plays a crucial role in the
country’s property market by
providing data and inputs to
government and policy makers. It is
in a unique position to collate the
views of Real Estate Institutes at the
state and territory level and present
them in a balanced manner. It also
uses its expertise to address issues
confronting the sector so that the
long term interests of the real estate
market in the country are protected.