The recent release of the Allan Government’s first budget sees a missed opportunity to attract investors back into Victoria’s struggling property sector.
With housing supply and affordability issues at a crisis point and a disincentivising property tax regime sending investors away in droves, Victoria needed the 2024-25 State Budget to step up and encourage property investment.
While it is good news that there have been no new property taxes imposed, the budget shows a lack of foresight at a time when long term investors are needed if the Allan Government is to achieve its target of building 800,000 new homes in Victoria over the next decade.
REIV President Jacob Caine said, “Victorians need from their government policies and initiatives that address the immediate housing needs of the community. Policies that encourage investment in property are essential for better utilisation of our existing housing ecosystem and can have a real and immediate impact on the housing crisis. Unfortunately, we didn’t see that in this budget.”
Mr Caine went on to label the 2024-25 Victorian State Budget a status quo budget for the property sector. When Victoria has a significant housing shortage with a mass exodus of property investors, this was somewhat surprising.
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By Wendy Chamberlain
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.