The Overregulation of Property Development
Property Development is the most overregulated industry in Australia and it is stifling creativity, affordability and jobs.
The finance industry is bemoaning its overregulation at the moment, but finance is just one part of the Property Development Industry. Just think for a minute the red tape and regulations of the following sectors, all of which are parts of the Property Development industry –
· Building Code of Australia
· Residential Tenancy Authority
· Real Estate Sales Act
· Strata Title Law
· Off the Plans Sales Contracts
· Disability Discrimination Act
· Town Planning Regulations
· Local Council processes
· Infrastructure Charges
· Electrical Authority Regulations
· Telecommunications Act and Authorities
· Green Star and Energy Efficiency Ratings
· Acoustic and Noise Requirements
· Traffic Engineering
· Fire Levies and Legislation
· Building Services Levies
· Construction Bank Accounts
· Valuation restrictions
· Financial Institution Limitations
· Taxation Law and Margin Scheme
· Retail Tenancies Act
…and these are just a sample. Now I’m not suggesting we go all Laissez-faire and reduce regulations and safety and consumer protection, but what I am saying is Property Development needs to be seen as a single industry where all these regulations can be addressed in a common environment. I believe this is needed to reduce red-tape and to improve the efficiency and job creating prospects of Australia’s biggest industry.
John Rosel