- The Real Estate Institute of New South Wales has called on both major parties to better address the factors that are restricting the supply
- The policy package, Home Ownership Matters, comprises four key policies: Real Agency, Real Residential Housing, Real Tax and Real Tenancy
- The aim is for affordable housing for everyone
Ahead of the upcoming NSW election, The Real Estate Institute of New South Wales has called on both major parties to better address the factors that are restricting the supply of houses across the state and contributing to the housing crisis.
The policy package, ‘Home Ownership Matters’, looks at four different policy areas that have all played a part in contributing to the current housing crisis, including the regulatory environment, planning, taxation and residential tenancy laws.
REINSW CEO Tim McKibbin said the policy package emphasises the importance of housing as a way of building wealth and communities – which is why a home should be within reach for everyone.
He said, “Voters need and deserve clarity on housing policy as it relates to taxation, land supply, development fees, approval delays, incentives and regulations which impact investor behaviour.”
“People deserve to feel confident that if they aspire to home ownership, and work hard to achieve it, then it should be attainable. But without more homes, the dream will remain out of reach for many.”
Four-point policy package
The Real Agency policy aims to establish a regulatory environment that fosters mutual respect between industry and the regulator, with a focus on quality consumer outcomes and education.
The Real Residential Housing policy addresses factors such as approval processes, planning legislation, land release, infrastructure investment, housing quality, density, rezonings, and tax treatment, to create new supply and address the significant housing shortfall.
Meanwhile, the Real Tax policy seeks to reform stamp duty, land tax, and stamp duty bracket creep, which have a dampening impact on the market, while the Real Tenancy policy calls for amendments to residential tenancy laws to strike a balance between investor interests and proper safeguards for tenants, through removing unnecessary impediments and simplifying the regulatory regime.
The REINSW believes that these policy changes will create a more efficient and effective real estate industry in New South Wales.
Affordable housing for everyone
Mr McKibbin said, “Owning a home is something everyone should be able to aspire to and the more people who share this aspiration, the more it will enable housing to play its vital role in our state’s economy.”
“As the people of NSW prepare to head to the polls, we believe they have the right to know how the major parties will deliver housing affordability.”
