Mr Kingsley said the push for increased regulation has been put in the “too hard basket” because the property purchasing space also encompasses other parties, such as owner occupiers, creating a grey area in defining ‘investment’.

However, he argues there is a simple purpose test which clearly categorises the nature of a property purchase.

“If you’re buying it for a capital gain or you’re buying it for a rental return, the purpose of your buying is investment,” Mr Kingsley said.

“So nice and clean, it’s very easy to define [and] it can separate people who are buying for owner occupied purposes. So we don’t think the government has an argument to say it’s a difficult thing to regulate.

“PIPA continues to lobby the government for such legislation, which would bring increased professionalism to the property investment space.”