In September 2023, the Victorian Government released Victorian’s Housing Statement. It is an ambitious ten-year plan to build 800,000 new homes across the state to combat the current housing shortage that Victoria is experiencing. The REIV commends the government’s commitment to promoting housing provision and accessibility whilst improving housing affordability.
The REIV continues to be an integral advisor to the Victorian Government’s Housing Statement Industry Advisory Board. As the Housing Statement’s objectives continue to roll out alongside the Allan Government’s commitment to build 800,000 new homes across the next decade, it is key that industry figures contribute to its design and implementation.
The REIV is engaging with CAV and other stakeholders as they commence work on the design and development of Rental Dispute Resolution Victoria (RDRV).
It has been confirmed a review of the RTA is due to commence soon.
The REIV submission to the Legislative Council Legal and Social Issues Committee’s Inquiry into the rental and housing affordability crisis in Victoria (Inquiry) outlines the REIV’s position on this important issue. There are a large number of factors contributing to the low availability and high cost of rental properties in Victoria, and they all ultimately relate to supply and demand. The single best solution for the state’s current so-called ‘rental crisis’ is to increase housing supply. Now.
The ecosystem that the Victorian rental market currently operates in, has led to a shortage of available rental properties and increased competition. To address this, there is a need to encourage more investment and increase the supply of available rental homes to meet rising rental demand.
Statement by the Reserve Bank Board: Monetary Policy Decision
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