Why Support Property Law Reform?

The Case for Property Law Reform 

Background

Torrens Title is widely recognised as one of the world’s best methods of land titling.

Yet, Australia has eight markedly different versions of that system.

This frustrates investment and makes us less competitive internationally.

Discrepancies in property law cause inevitable delays, unnecessary red tape, and cost to trade and commerce. 

In an age of globalisation and instant communications, this can no longer be justified.

Uniformity

Traditional ‘states rights’ arguments against property law reform have created untenable artificial barriers to greater growth and prosperity.

Companies and individuals alike are confronted with myriad variations from jurisdiction to jurisdiction that needlessly complicate the purchase or sale of property.

If Australia is to continue to be attractive to international investors, our antiquated approach to property law needs to be overhauled.

An Existing Model

Australia has already recognised the benefits of introducing uniform laws.

The success of Corporations Law has demonstrated the benefits to the nation of introducing a uniform system that facilitates good business practices and encourages investment.

Australia would benefit from taking a similar approach and introducing a single legislative instrument, even if it obtains its force by adoption by the States and Territories.

The Need to Act

We now have a unique opportunity to streamline real property transactions.

Progressive governments that take determined steps towards greater uniformity of property laws and procedures will facilitate property transactions and improve investment.

In particular, a uniform property law system will:

• enable states and territories to establish the most efficient, rigorous, and fair system for managing property transactions;

• make it easier for individuals, companies, and professionals to move and operate in different jurisdictions; and

• place property investment on a level playing field with other asset classes for local and foreign investors.

The Property Law Reform Alliance is keen to work with Federal, State, and Territory Governments to bring about this essential reform. 

Contacts: 
Chairman:  Dr Stephen Pallavicini
Deputy Chairman: 
Secretariat:  Jane Macnamara, Gerard O'Neill

C/o Level 1, 11 Barrack Street, Sydney NSW 2000
Ph: (02) 9033-1956 Fax: (02) 9033-1967
E-mail:  jmacnamara@propertyoz.com.au
              gerard.oneill@lawcouncil.asn.au

Copyright Property Council of Australia 2000