Business Daily Media

The Times Real Estate

.

Property peak urges re-elected Government to renew focus on real estate sector


The Real Estate Institute of Victoria (REIV) welcomed the Andrews Government’s Cabinet announcement today, congratulating The Hon. Danny Pearson MP as Minister responsible for real estate matters under his Consumer Affairs portfolio and Assistant Treasurer.  

With a range of critical market forces and industry issues currently surrounding and influencing the sector, REIV CEO Quentin Kilian said now is the time for Government to put genuine focus on good property sector policy.  

“While we have been calling for the property sector to have a dedicated ministerial portfolio, we look forward to working with Minister Pearson on a list of important issues, none more important than an update to the state’s tired tax regime,” Mr Kilian said.

“Despite the sector’s rapid recent evolution and a significant shift in market conditions, Victorian property participants are still dealing with archaic stamp duty that does nothing but inhibit aspiring homeowners, deter downsizers, and cripple investors, all which compounds our current housing supply crisis. 

“In Victoria, stamp duty equates to approximately 22 per cent of state and local government revenue so the question of removing stamp duty really centres around what to replace it with, and how to make the transition - this is where politics has the potential to interfere with good outcomes. 

“Other states are seeing the light on this antiquated tax and REIV invites the Victorian Government into a discussion with industry leaders and experts as we seek a better approach.” 

The REIV’s seven key arguments to remove stamp duty are: 

  1. reduced purchase costs; 
  2. enhanced mobility of skilled people via the reduction of transfer costs that in turn aids better economic outcomes; 
  3. likelihood of older people moving to more appropriate accommodation and thereby releasing suitable housing stock for younger families; 
  4. increase in taxation transparency; 
  5. improved housing affordability through decreased purchase costs and greater housing liquidity (supply of existing house stock); 
  6. with appropriate measures and intent by governments, increased availability of funds to meet social and affordable housing needs; and  
  7. greater stability in tax revenue modelling for governments. 

They are explained in the REIV’s discussion paper: State-based Property Taxes; an inefficient system stymieing housing availability

Mr Kilian added the 2021 changes to the Residential Tenancies Act and the early-2022 (but not yet released) Property Market Review also need to be immediate priorities for Government. 

“On behalf of 8000 plus REIV members who employ more than 15,000 Victorians, we look forward to engaging with the returned State Government and work towards renewing policy impacting one of Victoria’s most important sectors,” he said.

Property

Dual Living Homes in Sydney: Smart Design for Modern Living

  Dual living homes are growing in popularity in Sydney due to rising housing costs and shifting family dynamics. Smart layouts with privacy and flexibility allow multiple househol...

Business Daily Media - avatar Business Daily Media

Renting a House? Why Renting Furniture Makes Perfect Sense

Moving into a new rental property is an exciting milestone, but it also comes with many decisions—one of the biggest being how to furnish your home. Buying furniture outright can be costly...

Business Daily Media - avatar Business Daily Media

ROKiT HOMES ADDRESSES GROWING NEED FOR QUICKLY ACCESSIBLE, AFFORDABLE AND SUSTAINABLE HOUSING

As global communities grapple with homelessness, the need for accessible, affordable, and sustainable housing has never been greater. California-based ROKiT Homes, a division of ROKiT In...

Business Daily Media - avatar Business Daily Media

Sell House for Cash – Get an Instant Offer and Close Fast

Selling a home can be an overwhelming process, especially when facing time constraints, financial challenges, or unexpected life changes. If you need a quick, hassle-free sale, opting to s...

Business Daily Media - avatar Business Daily Media

Little known law offers savvy Kiwis the opportunity to supercharge their retirement savings

A little-known legal amendment is being leveraged by savvy New Zealanders and expat Brits to supercharge their retirement savings. Not many peop...

Cutting edge AI technology designed for doctors to reduce patient wait times launched in NZ

New Zealand specialist doctors now have access to Artificial Intelligence technology to help reduce patient wait times and experts say it could be...

Launchd Takes Off: Former AFL Stars Lead Tech-Powered Platform Set to Disrupt Talent and Influencer Marketing

Backed by Institutional Capital, Launchd Combines Five Leading Agencies and Smart Technology to Deliver Measurable Results Influencer marketing i...

Meet the Australian fintech unlocking rewards for small businesses

Small businesses make up 98 per cent of all businesses in Australia, yet they continue to bear the brunt of economic uncertainty. According to Credi...

Teleperformance (TP) Business Insights Report Reveals Key Shifts in Consumer Behaviour

TP’s Business Insights report  into consumer behaviors and preferences, taking in more than 57,000 respondents across 19 sectors, is shedding new li...

HubSpot launches platform-wide AI tools to help businesses close the adoption gap

HubSpot today unveiled more than 200 updates across its customer platform to help businesses grow better. The release introduces smarter tools, new AI...

Sell by LayBy