Real estate body backs key housing bills ahead of Senate vote

The Real Estate Institute of Australia has thrown its support behind two housing bills set to go before the Senate, calling them crucial steps to tackle Australia’s housing crisis.

The Help to Buy and Build to Rent Bills aim to boost housing supply and improve affordability for renters and first-home buyers.

REIA President Leanne Pilkington said the cost of living and housing affordability are the two major issues facing Australians.

“The Build to Rent Bill will incentivise institutional investors to deliver much-needed rental housing, including affordable tenancies, by providing tax and other benefits. This initiative will play a significant role in stabilising the rental market and supporting sustainable housing solutions,” Pilkington said.

She highlighted that the Help to Buy Bill would enable eligible homebuyers to receive equity contributions of up to 40% for new homes and 30% for existing homes.

New data revealed a 1.5% decline in first-home buyer loans, reflecting growing challenges in the property market.

Australia currently builds 160,000 homes annually, falling short of the 240,000 needed yearly to meet the national target of 1.2 million new homes by 2029.

“The decline in first-home buyer activity reflects the financial pressures of rising property prices and higher interest rates. Families are stretching their budgets to unprecedented levels, leaving first-home buyers increasingly sidelined,” Pilkington said.

The REIA represents 85% of Australian real estate agencies, comprising 46,793 businesses that employ 133,360 people.