Red tape, taxes and oversight

This week REIV has released its 2018 Victorian Election wish list which has a strong focus on improving outcomes for the industry, and communities more broadly, in Regional Victoria.

The real estate industry manages $76 billion in transactions which represents 20 per cent of Gross State Product and property taxes make up 47 per cent of the Victorian Government’s tax income.

The REIV will be vocal in presenting our election priorities – including our strong position on Regional Victoria – to all sides of politics. The REIV is uniquely placed to represent interests in Regional Victoria given the network of real estate agents and associated professions in regional towns and centres.

We will be pressing for a reduction in red tape and property taxes such as stamp duty and land tax and the introduction of a Property Services Commissioner to oversee all aspects of the property market including land development, building and construction and the sale and rental of real estate.

Our policy platform contains several issues which are of particular importance to Regional Victoria. We would like the next Victorian Government to investigate a Parliamentary Inquiry to identify how Melbourne’s growing reputation as a global elite city can benefit Regional Victoria (as there was in NSW).

The NSW Inquiry looked at expanding mechanisms around international trade, infrastructure, tourism, innovation and research through better collaboration across all levels of government or through more targeted investment of resources.

We’re also asking for policies that will improve employment outcomes for young people in Regional Victoria. Specifically, further incentivising real estate businesses in the regions by reintroducing payroll tax exemptions and improving education and training opportunities, particularly for new entrants in country areas.

The REIV is also calling for the section of the Estate Agents Act 1980 which prohibits an estate agent from selling a property to associated parties to be repealed. This is unworkable especially in country towns where people are more likely to know each other and significantly affects small businesses by restricting their capacity to receive fair commission for their work.

Please visit the REIV website to read the full 2018 State Election Priorities Paper.