Reianews Issue 62: November 2016
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REIANEWS ISSUE 62: NOVEMBER 2016 ALSO IN THIS ISSUE FEDERAL GOVERNMENT INITIATIVE TO IMPROVE HOUSING AFFORDABILITY ACCC SMALL BUSINESS UNFAIR TERMS CONTRACT GUIDE FOR SMALL BUSINESS WOMEN MAKING THEIR MARK IN PROPERTY MORE WANT TO FIND OUT ABOUT PROMOTING YOUR BRAND IN REIA NEWS? CONTACT REIA ON 02 6282 4277 OR AT [email protected] FOR FURTHER INFORMATION. Mr Neville Sanders REIA President PRESIDENT’S REPORT This month we also continue our population; address the housing needs WELCOME consideration of affordable housing with of our changing demographics, and; the FROM REIA’S an article on the Federal Government’s declining proportion of first home buyers. initiative to encourage states to increase First home buyer financial commitments PRESIDENT land supply as well as one from a are down to 13.1 per cent of total owner first home buyer’s perspective. occupied housing. This is the lowest figure This will be my last President’s Message as since the ABS series was commenced in I will be stepping down as President of the June 1991 and compares to an average The focus of this month‘s REIA News is on REIA in December and I would like to take of 18.5 per cent over the period. REIA the Annual Awards. In the lead up to the the opportunity to reflect over the last two has and will continue to advocate for National Awards to be held in Canberra years on the work of the REIA. Undoubtedly Government policies to address this. on 23 March 2017, the REIA state based a highlight has been REIA’s defence of the Over the last two years we have seen member organisations have recently held current taxation arrangements regarding their Awards. These Awards recognise the large increases in prices of housing in property during the 2016 election campaign many parts of Australia. In REIA’s Real Estate best performers across a wide spectrum of following the Opposition’s announcement Market Facts for the June quarter 2016, the categories including residential, commercial, that should they win Government they median price in Sydney topped the seven rural, sales, property management, buyers will grandfather existing investments, figure mark whilst the weighted median agent, marketing and innovation. These will limit negative gearing to newly for Australia was $698,000. At the start of annual awards are an industry highlight. constructed investment properties and my Presidency the corresponding figures They acknowledge the hard work and increase capital gains tax by 50 per cent. were $838,000 and $623,000 respectively. effort by individuals in achieving the best It is unfortunate that with large increases in Whilst there are a number of factors results for their clients and encourage house prices in Australia’s two largest capital responsible for this, the fact remains these and promote excellence and best cities, there have been many claims that the movements have impacted on affordability practice in the real estate profession. current tax treatment of negative gearing particularly for first home buyers. Importantly, the winners at the state level and capital gains of residential property is Undoubtedly one of the highlights of my have the opportunity to compete against exacerbating housing affordability issues. Presidency has been the last Australasian their peers at the REIA National Awards for This is simply not the case. Indeed the Auctioneering Championships held in Excellence in Canberra on 23 March 2017. It is public interest is being served and advanced Alice Springs in September. This year had the ultimate accolade to be a national winner. through the current taxation arrangements. the bonus of the inaugural Australasian Auctioneering Schools Championships. Being a national winner brings with it not It is supply that is the critical factor in only the recognition of being the best resolving the affordability problem. Changes In signing off on my last President’s message of the best but it also brings monetary to current taxation arrangements will let me thank you for your readership exacerbate the problem. These factors rewards. Past national winners have and say that it has been a pleasure are not addressed in Labor’s policy. attested that being a national winner and an honour to serve as President attracts many tens of thousands of REIA expressed strong views on the subject. of the REIA for the last two years. additional revenue to the agency. The REIA was, and continues to be, opposed to the policy. REIA’s stance was simply against Mr Neville Sanders Customers benefit too. The competing a policy. We have a duty to champion our professionals and agencies set new policies which we will continue to do as REIA PRESIDENT benchmarks in customer service and we work with governments on all policies contribute to best practice in real estate sales affecting the profession and the economy. and management – not just by the winners but by all those that enter the competitions. Australia needs a comprehensive housing policy and leadership to ensure that I am encouraged by the increasing the housing sector continues to drive Follow us on Twitter @REIANational number of professionals that strive to economic growth. We need to: coordinate be recognised as the best in Australia. federal, state and local government I wish all contestants for the national housing programs; facilitate policy reform; awards the vey best for March 2017. ensuring affordable housing for our growing ..it happens. And when it does, you’ll want to be sure your house, and the things that make it a home, are protected. Adelaide Bank offers Home and Contents Insurance - and it’s worth its weight in gold. Home and Contents Gold from Adelaide Bank covers you for a broad range of accidental damage or loss, anywhere in Australia and New Zealand. It’s our most comprehensive, and most popular policy. But not everyone goes for Gold. 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In August and September I wrote about housing affordability and outlined the many factors And when it does, you’ll want to be sure your house, influencing it. One of these is supply constraints. An announcement by the Federal Government and the things that make it a home, are protected. in late October to address land supply is thus most welcomed. Adelaide Bank offers Home and Contents Insurance - and it’s worth its weight in gold. 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