REIV President Leah Calnan says that real estate is an essential industry that supports our state’s economy and must be allowed to continue its vital work during the Covid-19 crisis.

The REIV recently wrote to the Victorian Government calling for real estate services to be regarded as an essential service, in the event of further restrictions in response to the Coronavirus.

Ms Calnan said real estate services and transactions must be safeguarded during these chaotic times.

“While the provision of shelter itself is clearly an essential need, real estate professionals play a critical role in enabling the sale and purchase and ongoing management of shelter.” said Ms Calnan.

“Real estate services must be deemed essential to ensure the ongoing provision of shelter and to protect the property market and broader economy from collapsing.

“Victorian real estate transactions contribute billions of dollars to the State and Local Governments through stamp duty revenue and other property-related taxes and expenses.”

Ms Calnan said the real estate industry is one of the largest contributors to the state’s GDP and is one of its largest employers.

“The property market is the cornerstone of the Victorian economy," said Ms Calnan.

"Any risk to its trading would have a disastrous impact on all Victorians from both a personal and economic perspective.

“Despite Coronavirus, the need to buy and sell property remains."

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REISA Interim general manager Andrew Shields Photo: REISA

Mr Shields pointed out the real estate profession acted quickly and responsibly in response to the Stage 2 restrictions which commenced 26 March 2020.

"Provided that necessary restrictions and safeguards are implemented, real estate services must be deemed essential to ensure the ongoing provision of shelter and to protect the
property market and broader economy from the catastrophic consequences that would otherwise arise," said Mr Shields.

"Real estate professionals manage close to 186,000 South Australian rental properties through property management services."

REISA Interim general manager Andrew Shields agreed with Ms Calnan saying buying and selling property was a must.

"Although property sales will inevitably slow on account of COVID-19, there will be owners who will have no other choice but to sell their properties," said Mr Shields.

"History and experience have shown that regardless of prevailing market conditions, people need to buy and sell property.

"The professionally managed completion of sales and purchases throughout the coming months will be key to confidence and will help minimise the impact on our economy."

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