REIV calls for major property sector reforms in lead-up to Victorian election

According to REIV CEO Quentin Kilian, the REIV is seeking meaningful engagement with all sides of Victorian politics to secure the continued support of its $76 billion real estate sector.

The Announcement:

In the lead-up to the 2022 state election, the Real Estate Institute of Victoria (REIV) is calling on state political leaders, advisers and broader participants 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 leading peak body for Victoria’s real estate industry, the REIV has established four priority areas it is engaging state political leaders on, on behalf of its members, for the benefit of aspiring and current homeowners, investors, renters, real estate employees and sector suppliers.

These four key areas are:

  1. Address systemic industry governance issues – including review of Statement of Information and Material Facts guidelines, as well as the introduction of mandatory Continuing Professional Development for all real estate professionals.
  2. Initiate a review into property taxation -to replace stamp duty tax with a more competitive land tax regime, benefitting State Government revenue and property affordability while attracting further investment into Victoria.
  3. Initiate a review into the Residential Tenancies Act (RTA) – to simplify complex regulatory requirements and high costs for managing rental properties, addressing the exodus of investors and critical supply issues in the industry.
  4. Strengthen the pipeline of new real estate talent – reforms that 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 the REIV is seeking meaningful engagement with all sides of Victorian politics to ensure its $76 billion property sector remains well-supported.

“Property ownership captivates Victorians; 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 to poorer affordability, state-wide 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 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,” Mr Kilian said.

The REIV has developed 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 of the Victorian State Government election.

Source: The Real Estate Institute of Victoria

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