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The REIA has said it is “particularly pleased” with the appointment of Michael Sukkar as minister for housing and assistant treasurer, after “long advocating” for housing being a ministerial responsibility.
REIA president, Adrian Kelly, said the association has welcomed the announcement by surprise PM Scott Morrison.
“Following last weekend’s election result, REIA congratulates the Prime Minister, the Honourable Scott Morrison MP on his win and welcomes the announcement of Ministerial responsibilities,” said Mr Kelly.
He said the property sector is one of the largest in the economy, and that it has been the driver of growth since the decline of the mining sector.
“This appointment recognises the importance that the property sector plays in the economy as well as in policy with taxation of property and housing affordability being at the forefront of public policy debate.
“Housing affordability was a priority election issue which has been recognised by both sides of politics in their support of the First Home Loan Deposit Scheme. REIA looks forward in working with the government in the development and implementation of the scheme and in other initiatives aimed at enabling first-home buyers achieve their goals sooner.”
Mr Kelly added that this is a better time to be a first-home buyer.
“With first-home buyers currently representing just 17.9 per cent of total housing loan approvals at the beginning of this year, such initiatives will be a timely boost not just for first home buyers but for the building sector and the economy in general.
“APRA’s announcement last week to incorporate an interest rate buffer of 2.5 per cent instead of the current 7 per cent serviceability buffer on home loans, the prospect of at least one interest rate cut and the introduction of the First Home Loan Deposit Scheme comes at a good time for first-home buyers with favourable market conditions.”
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