FHOs number one priority: REIA

FHOs number one priority: REIA

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The abolishment of stamp duty, a boost for first home buyers and easier access to reliable housing data are amongst the list of demands the Real Estate Institute of Australia (REIA) has submitted to the government.

Ahead of the 2014/2015 federal Budget, the REIA has presented the commonwealth government with 10 proposals aimed at contributing to Australia’s continuing economic development and productivity.

“We want to see a marked improvement in the standards of delivery of vocational education and adequate data on the supply/demand imbalance of housing for informed decision making by policymakers and stakeholders,” REIA president Peter Bushby said. 

Most notable is REIA's proposal to allow first home buyers access to their superannuation for the purchase of a home, and the review of the amount of First Home Owner Grant (FHOG) annually to maintain relativity with house price movements, both of which are designed to spur on activity in the first home owner space.

According to the pre-budget submission, the REIA proposed that the FHOG be set at $15,000 for all housing, new and established, and that it be indexed to median house price movements annually.

The REIA also proposed that conveyance stamp duties should be abolished and replaced by an efficient source of revenue for states and territories.

The full list of demands is below:

-    Ensure the availability of reliable data on housing demand and supply to formulate appropriate policies and to monitor their effectiveness

-    All states and territories uphold the initial intent of the Intergovernmental Agreement in Federal Financial Relations Schedule A, that assistance to first home buyers will be “uniform” and that “an eligible home will be new or established”

-    Review the amount of the First Home Owner Grant annually to maintain relativity with house price movements

-    Allow first home buyers access to their superannuation for the purchase of a home

-    Retention of current arrangements for negative gearing of property investments

-    No increase in capital gains tax on property investments

-     Abolish stamp duty on property transactions, in favour of an efficient source of revenue for states and territories

-    Improve the supply of housing for social housing tenants transitioning to private rental by utilising private investment

-    Monitor the Housing Affordability Fund (HAF) and the National Rental Affordability Scheme (NRAS) to observe their effects on housing supply and to conduct a review that considers additional measures to bridge the demand/supply imbalance

-    Ensure the Australian Skills Quality Authority (ASQA) funding is adequate to ensure nationally approved quality standards are met for vocational education and training.


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