Hi ,
The 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.
