• New relief package welcomed but more is needed to ensure housing security

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    REIWA is pleased that the Federal Government has announced they will introduce a relief package for up to $66 billion, including a boost to the JobSeeker program, and loans for small businesses.

    REIWA President Damian Collins said as an industry, REIWA is ready to step up and do what we can to help the government and West Aussies during this uncertain time.

    “Doubling the JobSeeker allowance and including sole traders and casuals within this allowance, will enable more people to pay their rent, which flows onto landlords who will be able to pay their mortgage,”Mr Collins said.

    “However, incomes must be below $1,075 a fortnight to be eligible for the $550 a fortnight supplement and therefore, only those with incomes of less than $42,450 a year would be eligible. Those who rented properties or took out mortgages based on their previous incomes will continue to struggle.” 

    While this initiative is a great start, there is more that needs to be done to help Aussies including increasing access to rent assistance to help ensure more tenants can continue to afford their rent. 

    “An income of $42,450 may be enough if you own your home outright, for those renting, it will mean that many who lose their jobs will not be able to afford to stay in their properties,” Mr Collins said. 

    “The start of 2020 was the beginning of a potential recovery for the WA property market and unless we do something to keep sales activity levels where they are, we could expect to see a significant drop off in sales. 

    “In order to help prevent this, REIWA calls for the current 75 per cent stamp duty rebate applied to only off-the-plan sales to be expanded to all property transactions. It is inevitable that some people will need to sell homes. 

    "To encourage buyers to enter the market, a stamp duty reduction is vital to encourage people to make decisions, rather than sit on their hands.  It will also help secure thousands of jobs for construction workers, right through to removalists, mortgage brokers and retail workers.”

    The Institute will continue to work with both the state and federal government to help ensure everyone has a roof over their head during these unprecedented times.