The Real Estate Institute of Australia said it was looking forward to a "collaborative working relationship" with the Labor Party following the election of Anthony Albanese as leader of Monday.

Mr Albanese was elected unopposed to succeed Bill Shorten following the party's loss in the May 18 federal election.

For REIA president Adrian Kelly, who worked with Mr Albanese as part of the Parliamentary Friends of Cities Group, the leadership change represented a fresh approach to the housing issues which had been put in the spotlight throughout the election campaign.

"We welcome his commitment to review the policies that Labor took to the election, and we look forward to working with him and his shadow ministry to develop approaches to help solve the housing affordability problem, but not the ones with consequences," he said.

"I think we will have quite a collaborative relationship with the Labor party now, which we didn't have before."

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Mr Albanese has also had plenty of experience working with the Property Council of Australia during his time in Parliament, having held the Shadow Minister for Cities portfolio.

Property Council Chief Executive Ken Morrison said was he was positive about the consultation process ahead.

“We note that the new Opposition Leader has said that wealth creation must be central to Labor’s future agenda and that he would lead a review of the policies they took to the last election.

“We look forward to engaging with him and his team on this policy review.

“While there were many elements of Labor’s agenda we welcomed, its approach to negative gearing and capital gains tax was the wrong policy at the wrong time.

“The election result showed that Australians have rejected the risky changes to negative gearing and capital gains tax that Labor was proposing, and they should be put to rest once and for all as part of this policy review." 

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