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The Real Estate Institute of Australia (REIA) is calling on
the Federal Government in election year to tackle the key issue of homes and
jobs in its 2022 Federal Budget.
REIA President Hayden Groves said REIA’s 2022 pre-budget
submission contains three simple recommendations to grow Australia’s homes and
jobs markets: help first home buyers, unlock supply and create jobs in
REIA are calling on the Federal Government to expand the
First Home Loan Deposit Scheme (FHLDS) to allow more first home buyers to access
the deposit guarantee and to expand the First Home Super Save Scheme (FHSSS).
“We have seen a dramatic reduction of loans to first home
buyers with a staggering fall of 21.5 per cent over 2021, reinforcing the need
for governments to address both housing supply and affordability for first-time
buyers,” Mr Groves said.
On a national basis, Australian Bureau of Statistics data
shows the average loan size grew by $6,000
“We have also renewed our calls for Budget 2022 to make
interest rates tax deductible for first home buyers, even for a prescribed
period of the loan, as is the case for property investors,” Mr Groves said.
As speculation about interest rates continues in the media,
REIA have also renewed calls for the 2022 Federal Budget to make interest rates
tax deductible for first home buyers, even for a prescribed period of the loan,
as is the case for property invesetors.
“It’s one thing to achieve a deposit, and another to
service a loan in an environment as interest rates rise – something we have not
seen in Australia for over 10 years – so we need to put in place fair and
sensible recommendations to assist Australians coming into the marketplace,” Mr
“Current market conditions mean that a national plan for
housing supply and affordability is badly needed. Politicians cannot talk about
affordability without talking about supply.
“Affordability in Australia is at its worst point since
2008 where 45.8 per cent of family income was required to meet mortgage
“At the same time, stock levels or property available for
sale in some areas are up to 40 per cent reduced from pre-pandemic levels.”
The weighted average median house price for the eight
capital cities increased to $961,059 during the year to September 2021, while
the proportion of income required to meet loan repayments increased to 36.2 per
“Coinciding with this is a lack of rental supply which has
seen vacancy rates hit critically low levels of under one per cent. Rents are
increasing and those needing to rent properties are struggling to secure a
lease,” Mr Groves said.
“We need a plan to unlock supply for both buyers and
renters that looks at everything from land release planning through to
incentivising more rental stock coming online and a national plan to phase out
“Stamp duty has made selling and buying a home prohibitive
which has contributed to a long-term downward trend for listings.”
REIA is also calling for the Federal Government to help
unlock jobs in one of Australia’s most talked about industries – real estate.
“Real estate has been one hugely impacted in terms
workforce retention from the COVID-19 pandemic with around 4,500 vacancies
needing to be filled Australia wide,” Mr Groves said.
“Forty per cent of our property management businesses are
now facing staff shortages due to lack of skilled candidates.
“We are seeing agencies have great success recruiting
candidates from sectors like tourism, aviation and retail and want to give
Australian workers support and confidence to successful transition to a career
in real estate from other roles.
“In Budget 2022, we’d love to see money from reskilling
programs dedicated to a Property Manager Mentorship program to help Australians
join the real estate sector.
“Real estate is an important part of Australia’s economy,
and we want more Aussies in real estate jobs,” Mr Groves said.
For more information, read REIA’s
2022 pre-budget submission.
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