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Govt 'needs to help stimulate housing activity'

Changes need to be made by the government if buyers are to return to the Australian property market, according to the Real Estate Institute of Australia.

The government needs to introduce initiatives to help the Australian property market to get back on its feet, the Real Estate Institute of Australia (REIA) has claimed.

David Airey, president of the REIA, said that the government had caused property sales to decline when it phased out the First Home Owners Grant (FHOG).

He suggested that first-time buyers had been driven out of the market through the removal of the FHOG incentive.

"Without first home buyers, market activity will continue to decrease and new home sales will continue to slow. This ultimately affects the established home sales market," Mr Airey added.

He suggested that the government needs to engage with the REIA and other industry bodies to look for the solutions required to stimulate housing activity.

Earlier this week, the Property Council claimed that the government has to deliver reforms, such as decreasing taxes on the construction of new houses, in order for the confidence of Australian property investors to be restored.

Posted by Craig Francis

- housing, property, government, reform

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