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Minister for Housing assures REIA of ‘resilient’ property market at roundtable

Minister for Housing, Michael Sukkar, joined the members of the Real Estate Institute of Australia for a virtual Budget 2020 Real Estate Roundtable, during which he detailed the positive impact the Budget will hopefully have on the property sector.

“2020 has been unexpected in every way but the rapid and decisive economic and public health measures introduced by Federal and State Governments has meant that COVID-19 has been contained in most Australian states and territories,” REIA President, Adrian Kelly said.

“Similarly, rapid and responsible responses from the Australian real estate industry has meant our industry has been able to, for the most part, continue to transact and help Australians with their housing requirements.

“This included earlier measures such as the introduction of virtual inspections and auctions as well as the continued critical support services for our tenants and investors adversely affected by COVID-19.”

The Roundtable also covered the extension of the First Home Loan Deposit Scheme, proposed residential property fee increases under the Foreign Investment Review Board, JobMaker and other training opportunities for the property sector, and Automatic Mutual Recognition.

“Minister Sukkar highlighted that the Australian Government is engaged with the banks to identify a range of mechanisms to support customers in the best possible way,” Mr Kelly continued.

“Managing and monitoring the transition of the mortgage deferrals program respectfully will be critical for everyone in the property market and limit any negative impacts to the bare minimum.”

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