Major banks should not be giving people advice on property in Australia, the Real Estate Institute of Australia (REIA) has suggested.
David Airey, president of the REIA, highlighted that at least one of Australia's well-known banks was telling buyers to make contact with them, claiming to have the necessary expertise to guide them through the property selection and purchase process.
"This offering should be of great concern to property buyers, sellers and investors," Mr Airey said.
He warned that the banks have formed partnerships with Australian property data providers to gain access to computer-generated data that is not unique to specific properties, but the market as a whole.
"Seeking property advice from banks should be approached with caution," Mr Airey concluded.
Gavin Hegney of Hegney Property Group recently told API Magazine that those investing in Australian property need to think about mid to long-term gain and should, therefore, consider where people will move to over the next few decades.
Posted by Ravin Chatlani
