The Real Estate Institute of Australia (REIA), has published a list of policies which will help first-homebuyers as well as investors in Australia.
The Getting Real Report by REIA outlined six priorities that would not only help the housing market but also ensure sustainable profits for real estate businesses and growth. These are:
- Real estate in Australia: Supply
- How to satisfy the expectations and needs of first-home buyers
- A fair taxation plan for homeowners should be created
- Planning for the region and city housing market
- Promoting sustainable real estate
- Real estate business support
REIA president Adrian Kelly said the report advances and promotes private property markets as Australia’s economy withstands the sustained impact of the COVID-19 pandemic.
He stated that “Getting Real”, sets the agenda for Canberra real property, drives reform, and shapes funding opportunities to future Federal Budgets and the looming Federal Election.
“In the lead up to the next Federal Election, it’s time to get real about real estate policy and to help agents do what they do best – help Australians into homes.”
A wish list should be made by both buyers and investors for their first home.
Report highlights the importance of first-home buyers and investors. It also discusses how they can help them during current market conditions.
According to the report affordability has declined due to recent property price increases.
Housing market activity can be affected by many factors, including government policies and lending rules.
REIA identified key steps that are needed to help different buyer groups achieve their homeownership goals.
REIA said that this group is unable to enter the market due to rising property prices and low listing numbers.
REIA said that although government incentives have been helpful in boosting activity, there are still policies which could make housing more affordable for first-time buyers.
Here are the top REIA priorities of first-homebuyers:
- The First Home Loan Deposits Scheme, which offers long-term support as well as expansion, is currently being expanded.
- Promotion of the First Home Super Save Scheme will continue to expand and be promoted.
- Interest rates being tax deductible for the first five years of a first-home buyer’s loan
- Financial education at schools and universities
- Anyone under 30 can receive no cost financial advice
Many investors now face rental eviction moratoriums.
Tenants may be favorably affected in the current reforms to tenancy right.
REIA stated that many Australian housing markets have seen a decline in rental supply due to investors.
To ensure investors have the opportunity to participate in this market. These are crucial actions that REIA considers necessary.
- You can keep capital gains and negative gearing the same until you are able to review them carefully to determine a better tax structure.
- Rent restrictions and regulatory burdens for investors should be avoided
- Rental eviction moratoriums need to be in place as long as possible