Industry sets expectations for the Albanian government

Hayden Groves, president of the Real Estate Institute of Australia, called on a number of pre-election promises of the new government Sunday (May 22) to affirm the widely shared hope that change is afoot for the property market.

In congratulating the new ruling party, he reiterated the industry’s desire to see government play an active role in addressing the country’s current housing challenges.

“We welcome the commitment to develop a badly needed national housing and homelessness plan, as well as the innovative solutions to unlock supply,” Groves said.

The institute had notably called for the creation of a national housing strategy and expressed high hopes for Labor’s promise to set up a council to address affordability and supply – in particular that industry leaders will be included in such a forum.

“An evidence-based approach for a National Supply and Affordability Council with the right objective experts – including property practitioners – should provide a proper annual benchmark for Australia’s supply crisis. “said Mr. Groves.

He added that the institute is looking forward to the implementation of the government’s strategy Help with purchase scheme.

“The proposed keystart-style program, Help to Buy, for 10,000 eligible low- and middle-income people per year makes sense and REIA has supported the development of a feasibility study for a national keystart-style program in the past,” he said.

“A critical component of Help to Buy’s success will be the ability for customers to buy out the stake that the government takes over over the long term to get back into the private property market,” Groves added.

Meanwhile, the chief executive of the Property Institute of NSW, Tim McKibbin, said he would monitor the impact of this scheme on house prices.

“The problem with this policy is that it adds demand to the equation when it New South Wales, lack of supply is the main cause of the accessibility problem,” he noted.

But auction clearance rates dropped Over the weekend, as Australians took aim elsewhere, Mr Groves noted he was glad to see this election cycle had not had the chilling effect of previous years, when gearing policies negatives came into play.

“Feedback received by agents in the field indicates that this election has not had the market disrupting effect it usually has, and much of this is due to the fact that negative gearing is safe thanks to REIA’s advocacy,” he said.

He also thanked outgoing Housing Minister Michael Sukkar, who, according to Mr Groves, “spearheaded the First Home Loan Grant Deposit Program, which has enabled many people to realize the big dream Australian home ownership”.

Mr Sukkar currently appears to be at risk of losing his Deakin seat in Melbourne’s east.

The Property Council of Australia (PCA) highlighted the challenges facing the government’s new housing minister and also noted the previous administration’s performance while overcoming significant obstacles.

“On behalf of the Property Council, I thank outgoing Prime Minister Scott Morrison, Treasurer Josh Frydenberg and the government for their service to the nation, particularly in dealing with the immense challenges of the global pandemic,” the director said. General of PCA, Ken Morrison.

“Few previous governments have had to deal with a crisis of this magnitude.

“We look forward to working with an Albanian government on the pressing issues of housing affordability, the skills challenges facing businesses, and helping our cities and suburbs thrive.”

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Juliet Helmke

Based in Sydney, Juliet Helmke has extensive reporting and writing experience in business, technology, entertainment and the arts. She was previously an editor at the New York… Read More

Industry sets expectations for the Albanian government

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Last update: May 23, 2022

Posted: May 24, 2022