It was reported in the SMH last week that “real estate agents are pushing PM Malcolm Turnbull to introduce a new ‘property services minister’ to bring the nations multi-billion dollar housing and development industry closer to the heart of government.”
The proposal was floated by the REIA, believe that there should be someone in the house of Reps or at State level responsible for all things real estate, with current REIA president Malcolm Gunning telling Fairfax Media that “bringing property policy under one roof would be better for the public”. At the moment of course it’s spread around different States, legislative areas and fair trading/consumer bodies. Some folks seem to think the proposal was more industry focused than consumer-focused but conceded there is a gap as far as affordability is concerned which should be addressed by government.
While we feel there was not enough data to definitively answer the question about whether or not ‘the industry’ believes there should be a dedicated Minister for Property Services, there were some interesting comments left by those who responded, with the idea receiving some support.
What should a Minister for Property Services be responsible for?
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“Housing policy, home affordability, planning, real estate and property services, foreign investment”
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“Representing the interests of those in and around the property interests”
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“Overseeing a national policy on housing development. a national licencing body same way we have for doctors and nurses”
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“Abolishing property subsidies such as first home buyers grants which prop up the construction industry, distort where properties are built and the requirement for extra infrastructure to support them. Take away subsidies and the market will provide these”
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“No idea”
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“Overseeing state legislation and speaking on behalf of the industry providers”
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“A national legislation around property”
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“Having dialogue and meeting with all stakeholders, Federal and State Governments”
- “Control of potential development gluts such as in Brisbane and Southbank/Docklands right now. Too many headaches all round.”
Some additional comments made:
- “Real estate should not be used as a political football for individual or collective agendas to the detriment of the real estate agents or the property industry. Nor should real estate agents be used for political votes or media sensationalism.”
- “The property industry in all its facets needs to be taken more seriously as it is a critical part of our economy and has massive flow-on effects”
- “Stamp duties should be phased out, the savings in the first home and other grants could offset this along with an annual land tax increase for properties where stamp duty has not previously been paid. Negative gearing should change along with all other tax deductions which should be limited to an amount of the gross income from the asset or the business. If you choose to invest in or employ yourself doing something unprofitable then other taxpayers should not have to pay for it.”
