This morning’s announcement to extend, the already contentious, vacant property tax to regional Victoria and double the vacant land tax is just another regrettable demonstration of poor property policy development, and shortsightedness from the Victorian Government.  

Real Estate Institute of Australia (REIA) President, Mr Hayden Groves welcomed the return of home buyers but said that whilst the latest new owner occupier loan commitments for housing has grown, it remains worryingly low for future trends.

The RBA kept the cash rate on hold at 4.1% for the fourth successive month in October, citing ‘a more sustainable balance between supply and demand in the economy’, but also ongoing concerns about inflationary pressures and a heightened level of uncertainty surrounding the economic outlook.  

“The number of loans issued for the construction or purchase of new homes are at their lowest level since the Global Financial Crisis in 2008,” stated HIA Senior Economist Tom Devitt.