Keeping an BY DEAN WEBSTER eye on policy

Now that the Federal Election has been called for Saturday May 18, the Real Estate Institute of Victoria of Victoria (REIV) will be keeping a close eye on the policies of all political parties.

The REIV is committed to supporting Australia’s competitive advantage and economic growth as the representative body for an industry that handles $76 billion in transactions totalling 20 per cent of Gross State Product and employs more than 15,000 people in Victoria.

The REIV will continue to lobby all sides of politics to influence a healthy regulatory environment to support our industry. In addition to our traditional focus on planning, infrastructure and sustainable development, the REIV will be representing our members’ concerns around accessing capital, the burden of increasing taxation, cutting red tape and investing in skills and training for our members.

The REIV believes that now is not the time to alter negative gearing and capital gains tax arrangements as this will create further uncertainty in the property market. Negative gearing supports the supply of rental housing which is a major issue in Victoria where rental vacancy rates are at record lows.

During this campaign, we will also advocate for City Deals for Victoria akin to the recently announced deal in Hobart. Similar deals should be commenced quickly for Metropolitan Melbourne and larger Victorian regional centres such as Ballarat, Bendigo, Shepparton and Mildura.

Major urban transformation projects can significantly change a city’s future and have appositive impact on liveability and the economy.

Finally, the REIV would like to see the removal of financial impediments that discourage older Australians from downsizing. Aged pensioners in particular should not be penalised when selling a family home to move into a retirement village by having the excess proceeds of that sale (after purchasing a retirement home) included in the age pension assets test. In addition to advantaging older Australians, this will unlock additional housing stock.