REIQ hopes for real estate sector improvements with state election looming

REIQ hopes for real estate sector improvements with state election looming
REIQ hopes for real estate sector improvements with state election looming

The REIQ is urging candidates for the Queensland state election next month to consider of the state’s biggest employers and one of the government’s largest single sources of revenue, the real estate sector. 

REIQ CEO Antonia Mercorella said the election offered voters an opportunity to cast a vote for a candidate who recognises the importance that the real estate sector plays in the state’s economy.

“Real estate employs around 50,000 Queenslanders and this makes it of huge significance to the future fortunes of Queensland," she said.

“Improving the health of the sector is at stake and voters should keep this in mind when casting their votes on November 25."

Mercorella outlined three changes that should be made. 

FIRST HOME OWNER GRANT: The grant can help more young Queenslanders get their foot on the property ladder by being broadened to include all properties, established and new-builds. As it stands, only those first-home buyers who are building their first home or buying off-the-plan are eligible for the grant, which locks out thousands of equally-deserving young Queenslanders from the property market. Broadening the grant, especially in regional Queensland where take-up hasn’t been as strong due to the fact that it’s cheaper to buy an established home than to build new, will bring thousands of young Queenslanders to the property market, bringing buyers to oversupplied markets and helping those local economies. 

STAMP DUTY: The REIQ urges the Government to abolish stamp duty. This inefficient and disproportionate tax stymies housing mobility and delivers uneven revenue to the Government. When house prices are up, revenue is up, and when house prices are low the Government’s revenue is low. the Henry Tax Review in 2011 identified this onerous tax as one that should be replaced with a more efficient system and the REIQ echoes this well-founded view. This would give the industry a much-needed shot in the arm, giving those buyers a nudge who need to move but are putting it off for expense reasons. 

MANDATORY CPD: Consumer protection is at the heart of the REIQ’s push for the Government to introduce mandatory continuing professional development for all real estate practitioners. Our goal is to ensure real estate agents are as qualified, as educated and as professional as other professions that handle people’s wealth, such as accountants and solicitors. There is no legitimate reason to continue delaying introducing this measure. 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

Reiq Stamp Duty


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