The government must make property in Australia more affordable, the Real Estate Institute of Victoria (REIV) has claimed.
Chief executive officer Enzo Raimondo told API Magazine that Australia's new ministers have already shown that they are aware of the issues faced by the property market, but that action needs to be taken.
"There's over-arching affordability issues in Victoria, and we look forward to the national licensing that will come into place in the term of this government," he added.
He welcomed the promised cuts to stamp duty for first homebuyers in Victoria, but said that a new agreement on general property taxation in the state needs to be made.
Mr Raizmondo said that the REIV would like to see a new tax regime developed with property professionals and the industry that encourages more growth in Victoria.
The ministers sworn in earlier this month include treasurer Kim Wells, consumer affairs minister Michael O'Brien and housing minister Wendy Lovell.
Australian property investors waiting for house prices to rise before selling should consider renting in the mean time, recent figures have suggested.
Last month, the REIV said that the metropolitan rental market in Victoria is in a state of imbalance, with vacancies more than outweighed by renters.
Posted by Ravin Chatlani
