The Real Estate Institute of Australia (REIA) is pressing Parliament to pass the federal government’s housing bill quickly and without changes to address the escalating housing crisis.
REIA president Leanne Pilkington (pictured above) warned that further delays will worsen conditions for renters and first-home buyers.
“The ongoing delay is counterproductive and will exacerbate the housing crisis,” Pilkington said. “The longer we wait, the worse it becomes.”
REIA criticised potential changes to negative gearing and capital gains tax, arguing these measures would harm the rental market rather than address housing shortages.
“The prime minister himself acknowledged that supply is the issue, yet these tax changes do nothing to solve it,” Pilkington said. “In fact, by adding pressure to rents, we’re keeping inflation higher and delaying much-needed interest rate relief.”
New data revealed a 1.5% drop in first-home buyer loans, highlighting the affordability challenges facing young Australians.
“The fall in first-home buyer loans points to the ongoing struggles faced by young Australians attempting to enter the property market,” Pilkington said.
Rising property prices and higher interest rates are making it increasingly difficult for new buyers to secure homes.
Australia currently builds 160,000 homes annually, far below the 240,000 needed to meet the 2029 goal of 1.2 million new homes. Without immediate policy action, the housing crisis will continue to worsen.
“Families are stretching their finances to unprecedented levels to meet loan repayments, leaving first-home buyers increasingly sidelined,” Pilkington said.
Pilkington stressed the need for bipartisan cooperation to push the bill through Parliament and tackle housing affordability issues effectively.
“First-home buyers and renters are the ones suffering most from this inaction,” she said.
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