Ahead of the election, the Real Estate Institute of NSW (REINSW) has unveiled a policy package which calls on both major parties to focus on the inhibitors to, and costs adversely impacting, the provision of housing supply in the state – both for owner- occupiers and renters.
The policy package, Home Ownership Matters, comprises four key policies: Real Agency, Real Residential Housing, Real Tax and Real Tenancy.
REINSW CEO Tim McKibbin says the policy package emphasises the importance of housing as a way of building wealth and communities - which is why a home should be within reach for everyone.
“Voters need and deserve clarity on housing policy as it relates to taxation, land supply, development fees, approval delays, incentives and regulations which impact investor behaviour,” Mr McKibbin says.
“People deserve to feel confident that if they aspire to home ownership, and work hard to achieve it, then it should be attainable. But without more homes, the dream will remain out of reach for many,” he says.
The Real Agency policy outlines a framework for an effective regulatory environment which facilitates a mutually respectful relationship between industry and the regulator; which focuses on quality consumer outcomes; and which places importance on the benefits of quality education.
The Real Residential Housing policy considers factors such as approval processes and planning legislation, land release, infrastructure investment, housing quality and density, rezonings and tax treatment, to paint a robust picture on how new supply can be created to address the huge housing shortfall.
The Real Tax policy looks at the major hurdle of stamp duty and the dampening impact this has on the market, keeping too many people in homes that no longer suit them, while also highlighting opportunities for reform on land tax, stamp duty bracket creep, and more.
Finally, the Real Tenancy policy seeks amendments to residential tenancy laws to strike a proper balance between the legitimate interests of investors and the provision of proper safeguards for tenants. The policy argues this balance will be achieved through removing unnecessary impediments which discourage investors, simplifying the regulatory regime, and appropriately resourcing dispute resolution facilities in the residential tenancies sector.
“Owning a home is something everyone should be able to aspire to and the more people who share this aspiration, the more it will enable housing to play its vital role in our state’s economy,” Mr McKibbin says.
“As the people of NSW prepare to head to the polls, we believe they have the right to know how the major parties will deliver housing affordability?”