Property News

Real Estate National Update - REIA

27 February 2007

Across Australia, finding a place to rent is extremely difficult, and rents are increasing rapidly. Quick-fix solutions and blame shifting are not the answer.

The REIA calls on the State and Commonwealth Governments to stop passing the buck and address the issue of home loan and rental affordability seriously.

The supply of rental property is tight because investors have left the market to take advantage of other opportunities providing better yields and with fewer taxes (there are no holding or transaction taxes on shares, yet investors in property are subject to land tax and stamp duty). Construction of new property for investment has lagged, with building skills shortages, land release problems and high development costs major inhibiting factors.

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