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As the Victorian government wraps up industry consultation on its New Plan for Victoria, the state’s real estate institute has called for more housing diversity.
The Real Estate Institute of Victoria (REIV) has made two key recommendations in their submission to the Victorian government’s proposed Big Ideas for planning reform.
First, the REIV stated that the government must “ensure that diverse housing needs are reflected in the plans”.
Noting that Victoria has a diverse population with varied housing needs, the REIV identified five main housing cohorts: renters, rental providers, first home buyers, growing families and downsizers.
“Disparate living preferences must be given due consideration to ensure real-world viability of the plans,” the institute stated.
Second, the REIV called for innovative solutions to attract capital from investors, stating that “the long-term provision of housing supply will require sustained capital investment from private markets”.
Kelly Ryan, CEO of the REIV, stated that during this period of transition in Victoria, “the role of suitable and sufficient housing cannot be understated”.
“The proposed planning framework will shape Victoria’s housing scene for decades to come, so getting it right at the planning stage is critical,” she said.
“Our members are at the coalface, working with Victorians every day. We know that people’s housing preferences change over time. It is important that plans for the future reflect the diversity of our needs.”
Ryan placed particular emphasis on the importance of taxation reform in order to fund the plan.
“At a time where significant capital investment is needed to finance the delivery of new homes, many taxation and regulatory measures continue to have deleterious impacts on the housing market,” she said.
“We’re urging the Victorian government to consider ways of incentivising investment in the housing market such as a comprehensive review of stamp duty, the retention of negative gearing, new tax incentives for property investors, and initiatives to reduce regulatory burden.”
Submissions for community and industry consultation are now closed, and the feedback will be reviewed over coming months.
The final version of the new plan for Victoria is set to be released in late 2024.
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