Despite the recent fall in house prices in some major cities, Australian real estate is still a highly sought after investment.
Latrobe University law professor Louis de Koker says it is also an attractive global destination for dirty money.
While it's not known exactly how much dirty money is entering the property market, experts say it is significant and could be distorting real estate prices.
2006 anti-money laundering laws force workers in the financial services industry to report suspicious transactions to the financial watchdog, AUSTRAC.
The second phase of the legislation, which is still in the pipeline, would go further, compelling real estate agents and lawyers to also report to AUSTRAC.
But that second phase has languished in parliament for over 13 years, with neither major party moving to make it law.
Professor de Koker says the time has come to act.
