The Real Estate Institute of Victoria (REIV) has released its property sector wish list in the lead up to the 2022 Victorian State Election in late November.
REIV said there are four key areas that political leaders, advisers, and broader participants should focus on to ensure a thriving property sector, which is one of the largest contributors to Victoria’s state economy.
- Address systemic industry governance issues – This includes reviewing the Statement of Information and Material Facts guidelines, as well as the introduction of mandatory Continuing Professional Development for all real estate professionals.
- Kick-start a review into property taxation – REIV proposes to replace stamp duty with a more competitive land tax regime, which would benefit state government revenue and make property sector more affordable, therefore attracting further investment.
- Review the Residential Tenancies Act – There is a need to simplify complex regulatory requirements and high costs for managing rental properties. This would address the exodus of investors and the critical supply situation in the state.
- Boost the pipeline of new real estate talent – The state needs to improve the transition from tertiary education to performing real estate work, while exploring mutual recognition of real estate qualifications completed in other states and territories.
REIV CEO Quentin Kilian said it is crucial to note that property ownership is crucial to Victoria’s economy, with one fifth of the state’s economic output relying on the sector.
“Sadly, recent years have seen an imbalance in the way residential property is regulated, taxed and transacted, which has led to poorer affordability, state-wide supply issues, and a shortfall in emerging real estate talent,” he said.
REIV is continuously campaigning for the $76bn property sector to be well-supported.
“The REIV welcomes a discussion with all sides of Victorian politics to ensure these sector issues are well-understood and proposed solutions prioritised, to drive reforms that create a stronger and healthier sector in years to come,” he said.
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