Property tax reform

Property tax reform

The REIV strives to work with government collaboratively, to ensure that informed regulatory policy is developed that delivers certainty and fairness to all sector participants. With certainty and fairness, buyers and sellers, renters, and rental providers, selling agents, property managers and valuers, and marketing and media, have a level playing field to perform well.

State Budget Submission 2024-25

On the eve of the 2024-25 Victorian State Budget, now is the perfect opportunity for the Allan Labor Government to align its housing objectives with its taxation policies. Genuine policies designed to retain and grow investment in our state’s property sector will be critical to help ensure the state reaches its ambitious housing target. The Real Estate Institute of Victoria’s (REIV) 2024-25 Victorian State Budget submission outlines three key recommendations for making this happen.

REIV Submission

Inquiry into Land Transfer Duties

The Parliamentary Inquiry into Land Transfer Duty Fees seeks to investigate issues around land transfer duties including potential transitioning to alternative taxation forms. This submission utilises extant research and draws upon the experience and expertise of industry members.

REIV SubmissionREIV Discussion Paper

Commercial and Industrial Property Tax Reform

Whilst the REIV is supportive of measures to transition away from stamp duty on commercial and industrial property transactions as a step towards the abolishment of all land transfer duties,  the government’s proposed bill is overly complex in its implementation design and it essentially replaces stamp duty with another annual property tax which may be more expensive for some owners in the long term The REIV anticipates acute uncertainty in the market if the bill is legislated in its current form.

Given the extensive transitional period for the taxation settings to take place, it is challenging to gauge what the market response will be once it takes effect from the 1st of July 2024. This unpredictability could extend the transition to the proposed tax indefinitely. Moreover, an inherent risk is that the replacement of the upfront stamp duty tax with an ongoing commercial and industrial property tax could prospectively increase the overall tax burden on business owners.

Victorian Government must support rental providers to avoid further damage to rental market

The REIV appreciates the Victorian Government’s intent to ensure renters are securely housed but warns its proposed changes to rental legislation will create further pressure on an already endangered rental ecosystem.

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REIV celebrates Victorian real estate industry excellence

The REIV celebrated it's annual Awards for Excellence last night. Congratulations to all the winners.

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REIV welcomes stamp duty cuts for off-the-plan units, apartments and townhouses

The Real Estate Institute of Victoria (REIV) welcomes the Victorian Government’s plan to offer stamp duty concessions on all new apartments, units and townhouses purchased off-the-plan in Victoria.

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Units and apartments in outer Melbourne suburbs rally in an otherwise stable market

Quarterly median price data from the Real Estate Institute of Victoria (REIV) showed modest price changes across the state for the period ending 30 September 2024, but outer Melbourne units and apartments bucked the trend showing considerable growth for the third consecutive quarter.

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Victorian Government must support rental providers to avoid further damage to rental market

The REIV appreciates the Victorian Government’s intent to ensure renters are securely housed but warns its proposed changes to rental legislation will create further pressure on an already endangered rental ecosystem.
Read more

REIV celebrates Victorian real estate industry excellence

The REIV celebrated it's annual Awards for Excellence last night. Congratulations to all the winners.

Read more

REIV welcomes stamp duty cuts for off-the-plan units, apartments and townhouses

The Real Estate Institute of Victoria (REIV) welcomes the Victorian Government’s plan to offer stamp duty concessions on all new apartments, units and townhouses purchased off-the-plan in Victoria.

Read more

Units and apartments in outer Melbourne suburbs rally in an otherwise stable market

Quarterly median price data from the Real Estate Institute of Victoria (REIV) showed modest price changes across the state for the period ending 30 September 2024, but outer Melbourne units and apartments bucked the trend showing considerable growth for the third consecutive quarter.

Read more

REIV appoints Jacob Caine as President for a second term.

Jacob Caine has been reappointed as President of the Real estate Institute of Victoria (REIV) for a second term following a vote of REIV board members last night.

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RBA Update September 2024

Statement by the Reserve Bank Board: Monetary Policy Decision

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Looking just next door

Often, buyers looking to buy a house or unit limit their search to a handful of known suburbs, blissfully unaware that some great alternatives may be available.

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REIV reinforces commitment to strengthening Owners Corporation Management in Victoria

The REIV has reinforced its commitment to an ethical and transparent Owners Corporation Management sector through training.

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New Plan for Victoria

New Plan for Victoria must consider diverse housing needs and strategies that attract investment to finance the Plan

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AI Powered Agents 2024 Workshop Series

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Election Of REIV Board Of Directors 2024

Anthony Molinaro and Joseph Walton have been elected to the REIV Board of Directors.

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New energy efficiency minimum standards are welcome, but rental providers need more support implementing them

The Victorian Government’s intent to improve the energy efficiency standards of rental properties is commendable. However, the reality of rolling out these standards too quickly will create significant financial pain for rental providers in a very short period.

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Have your say in the plan for Victoria

The Victorian Government has commenced its Developing a new plan for Victoria campaign. As part of its wider Housing Statement agenda, the government is seeking feedback for its Big Ideas initiatives.

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