REIA backs passage of key housing bills

The Real Estate Institute of Australia has endorsed two major housing bills after their passage through parliament, calling them vital steps to address the nation’s housing crisis.

The Help to Buy and Build to Rent Bills aim to boost housing supply and improve affordability through institutional investment and first-home buyer support.

“The Build to Rent Bill will encourage institutional investors to deliver rental housing, including affordable tenancies, by offering tax benefits. This is a significant step in stabilising the rental market but not the panacea,” REIA President Leanne Pilkington said.

The Help to Buy Bill offers equity support of up to 40% for new homes and 30% for existing homes to assist first-home buyers.

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

Recent data showed a 1.5% drop in first-home buyer loans, reflecting ongoing affordability challenges.

“Current property prices and high interest rates have stretched family budgets, pushing many first-home buyers further out of the market,” Pilkington said.

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