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Real estate is an essential service: REIQ

As the Queensland State election looms, the Real estate Institute of Queensland (REIQ) has called on political parties to remember the “critical contributions of Queensland’s real estate sector to the local economy”.

REIQ Chief Executive Antonia Mercorella is asking politicians to recognise “the essential nature of real estate services” as well as “the critical role the property market plays” in Queensland’s economy.

“As real estate businesses shift from operational survival to market recovery, it’s absolutely critical that we have policies that promote innovation, productivity and economic growth as essential success factors, alongside positive social and community outcomes,” Ms Mercorella explained.

“We also need to ensure that any policy changes are fit-for-purpose and future focused, beyond any election cycle, to ensure Queensland’s property market continues to support our state economy, particularly through the recovery stages post-pandemic.”

The real estate sector employs over 46,000 Queenslanders, pays the second-highest amount of state tax (over $20b in FY19), and rentals house 36 per cent of the state’s population. In addition, 86,028 property sales were facilitated in FY20 by real estate practitioners.

The REIQ is calling for reforms across 10 key policy, legislative and incentive areas, including:

  • Stamp duty reform and transition to stamp duty abolishment
  • Extend the First Home Owners Grant to established housing
  • A review of the Residential Tenancies Rooming Accommodation Act (RTRA Act) and the modernisation of tenancy laws
  • More investment in safe, secure and affordable housing
  • A 12-month fee waiver on all licence and registration renewals for real estate agents and businesses
  • The establishment of an annual compulsory professional development regime for all licensed agents, resident letting agents and registered salespersons
  • An immediate modification of the payroll tax regime and a transitioned abolishment of payroll tax within five years
  • Digital transformation of the real estate industry
  • Support for growth and success of small commercial property investors, and
  • The introduction of a more streamlined and transparent disclosure process relating to the sale of property

“We have a proud history of working closely with the State Government on key issues that impact the real estate profession as well as the wider community and look forward to continuing this tradition with the new Government after the election,” Ms Mercorella concluded.

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