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Author: The Real Estate Institute of Australia
The Real Estate Institute of Australia (REIA) has welcomed
the Leader of the Opposition’s Budget-in-Reply commitment for a $10 billion
social and affordable housing fund for those that need it most.
REIA President Adrian Kelly said it is an area of the
housing market that needs to be fixed, as highlighted by COVID-19, where the
private rental sector supported tenants through rental eviction moratoriums.
“Done well, social and affordable housing also provides an
important stepping-stone to participating in private markets and home
ownership, especially if housing is strategically built close to work, education
and public transport.
“If a Future Fund style model sustainably finances the gap
for community housing providers without top up from the public purse, then that
is a sensible thing and puts the sector in good stead as well as builds on the
existing success of the National Housing Finance and Investment Corporation
“In particular housing support for families fleeing
domestic violence situations is both most welcomed and much needed,” he said.
Mr Kelly said a comprehensive plan was needed to address
supply and affordability issues in the private rental market. The total package
of houses to be built through the Future Fund would amount to the equivalent of
one per cent of extra rental stock.
“The private rental market is around 27 per cent of the
housing spectrum, the absolute majority of which is currently supplied and paid
for by mum and dad investors. We need a comprehensive plan that addresses all
players in property.
“Negative gearing will remain an absolutely critical part
of this, and if the Opposition is serious about dealing with affordability
issues, they need to give mum and dad investors the confidence to continue to
invest with certainty.
“The reality is that rents are largely unchanged due to the
pandemic with the March 2021 quarter CPI figures showing that the rental market
continued its recovery from the impact of the COVID-19 pandemic in most capital
“The capital city weighted average showed that rentals
remained unchanged in the March quarter, following an increase of 0.1 per cent
in the December 2021 quarter,” Mr Kelly said.
To find out more about the local and national issues REIWA advocates for, visit the advocacy page.
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