Media Release
The Real Institute of Victoria (REIV) calls on the Victorian Government to shift its focus from over-regulation to investment incentives if it is to achieve the critical market balance needed to overcome the state’s rental housing supply issues.
This comes on the same day that the latest round of legislative rental reforms – introduced as part of the Consumer and Planning Legislation Amendment (Housing Statement Reform) Bill 2024, passed back in March – take effect.
Having been consulting with the Government regarding the regulations that will accompany these new laws, the REIV is looking forward to the release of this detail.
While the REIV has long supported reforms that protect fundamental renter rights, it is now warning that the sheer volume of obligations imposed on rental providers in recent years has now reached a tipping point.
Toby Balazs, REIV CEO said the Government’s relentless focus on regulation, without corresponding support for rental providers, risks compounding existing pressures in the market.
“While we are yet to see the full detail of the laws coming into effect today, the ongoing shortage of rental property shows that it is time to shift focus on incentives for rental providers to stay in the market,” Mr Balazs said.
“It’s now clear that regulation alone cannot fix Victoria’s critical rental market issues. Instead of adding further legislative burden, we must start complementing existing regulation with genuine incentives for rental providers to strike a sustainable balance.
“Key to this is revisiting a number of the REIV’s long-held advocacy positions, like easing stamp duty and land tax obligations on rental providers, that can serve to encourage rental property investment and ultimately benefit renters through increased housing supply.”
The REIV will continue to engage constructively with the Victorian Government in advocating, on behalf of the organisation’s members, for property sector settings that meet the needs of both investors and the growing number of Victorian renters seeking stable and affordable housing.