A virtual budget 2020 real estate round table between the Minister for Housing Michael Sukkar and the REIA covered a number of important topics.
The Minister for Housing, Michael Sukkar today joined members from the Real Estate Institute of Australia for a virtual Budget 2020 Real Estate Roundtable.
Minister Sukkar detailed the Budget 2020 measures and outlined the Government’s ongoing plans.
REIA President Mr Adrian Kelly said the Roundtable confirmed the outlook for Australian property from a government policy setting is on track.
“2020 has been unexpected in every way but the rapid and decisive economic and public health introduced through measures by Federal and State Governments has meant that CV-19 has been contained in most Australian States and Territories," said Mr Kelly.
“Similarly, rapid and responsible responses from the Australian real estate industry has meant our industry has been able to, for the most part, continue to transact and help Australian’s with their housing requirements.
“This included earlier measures such as the introduction of virtual inspections and auctions as well as continued critical support service for our tenants and investors adversely affected by CV-19.
“The Australian property market has in turn performed a lot better than anticipated in April when some economic commentators were catastrophising a drop in price by 30 per cent.
“Thankfully these have not come to pass and should be disregarded.”
Mr Kelly said REIA was pleased to hear that Government has and continues to work, closely with the lending sector to ensure that the mortgage deferrals program minimises the impact on both customers and markets.
“Minister Sukkar highlighted that the Australian Government is working closely with the banks to identify a range of mechanisms to support customers in the best possible way.
“Managing and monitoring the transition of the mortgage deferrals program respectfully will be critical for everyone in the property market and limit any negative impacts to the bare minimum.”
Round table topics included:
The role of Minister for Housing was successfully advocated for by the REIA in the lead up to the 2019 Federal Election, according to Mr Kelly.
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