REIV calls for necessary property sector reforms

REIV calls for necessary property sector reforms across four key areas in lead-up to State Election

As we approach the State Election on Saturday, November 26, the Real Estate Institute of Victoria (REIV) is calling on state political leaders and advisers across the property sector to support reforms that will ensure a prosperous future for all participants in Australia’s property sector, one of the largest contributors to Victoria’s state economy.

As the peak representative body for Victoria’s real estate industry, the REIV has established four priority areas it is engaging state political leaders on, for the benefit of aspiring and current homeowners, investors, renters, real estate employees and sector suppliers.

These four key areas are:

1. Addressing systemic industry governance

issues: Including a review of the

Statement of Information (SOI) and

Material Facts guidelines, as well as the introduction of mandatory

Continuing Professional Development for all real estate professionals.

2. Initiating a review into property

taxation: A genuine review of all property taxes, including stamp duty, to address housing affordability, mobility and to attract greater investment into Victoria.

3. Initiating a review into the

Residential Tenancies Act (RTA):

To simplify complex regulatory requirements, eliminate conflicting legislation and remove high costs for managing rental properties, all of which will help address the exodus of investors which is contributing to rising rents and falling vacancy rates.

4. Strengthening the pipeline of new

real estate talent: Reforms that

improve the transition from tertiary education to performing real estate work, helping address staff shortages impacting the sector. REIV CEO Quentin Kilian said the REIV is seeking meaningful engagement with all sides of Victorian politics to ensure the State’s $76 billion property sector remains well-supported. “Property ownership captivates Victorians,” Mr Kilian said. “One-fifth of our total economic output relates to property and it forms almost half of state taxation revenue. Sadly, recent years have seen an imbalance in the way residential property is regulated, taxed and transacted, which has led

REIV is seeking meaningful engagement with all sides of Victorian politics to ensure the State’s $76 billion property sector remains wellsupported. REIV CEO joined a panel for property market experts at the Melbourne Press Club. Photo credit Emily Kulich to poorer affordability, statewide supply issues, and a shortfall in emerging real estate talent. “On behalf of our members and all sector participants, the REIV welcomes a discussion with Victorian political leaders of all parties to ensure these sector issues are well-understood and proposed solutions prioritised, in order to drive the necessary reforms that create a stronger and healthier sector in years to come.” The REIV has published a document titled Safeguarding property sector prosperity for the good of all Victorians, which outlines its recommendations for major reforms across Victoria’s real estate sector in the lead-up to the State Election on Saturday, November 26.