State budget highlights strength of real estate sector; property tax reform still needs prioritising

Date: 4 May 22


The Real Estate Institute of Victoria (REIV) has welcomed the 2022-23 Victorian State Budget as a reinforcement of the sector’s current economic strength, but says it has missed an opportunity to embrace better tax policy in the sector. 

REIV CEO Quentin Kilian said that while there were some welcome items in the budget for real estate in the state, the sector is due for solid property tax reform and a more contemporary approach.

“Since last year’s budget forecast a further $3.3 billion in property tax revenue has been raised, underlining how significant a contributor the real estate sector is to the state’s coffers,” Mr Kilian said. 

“Stamp duty is a tired tax that the Victorian Government continues to prioritise – the state needs a review of its old property tax regime so that all participants – first homebuyers, owner-occupiers, investors and renters – can move forward with confidence.

“Political, business and community leaders should ensure there’s a focus on keeping Victoria an attractive destination for property investment and housing affordability and access. Anything less puts at risk our strong foundation, which will harm job creation and the economy more broadly.”


Media Contact:   [email protected]   03 9205 6607