REIV

Controversial legislation that will provide a “financial incentive” to rent out empty homes has been announced by the new Allan government.

In its submission to the 2024–25 Victorian state budget, the Real Estate Institute of Victoria (REIV) has stressed the need to attract and retain property investors in the state.

The Real Estate Institute of Victoria (REIV) called for “renewed focus” on the state’s property sector in the wake of the re-elected Labor government’s cabinet reshuffling.

The state’s real estate body has said the state government’s announcement to axe stamp duty for commercial real estate “is an encouraging sign for the sector”.

In a submission to the Andrews government, Victoria’s peak real estate body has urged the government to consider shifting from the “tired tax” to a broad-based tax.

The state’s peak real estate body has urged the Andrews government to consult with property leaders and finance experts to ensure further strain is not placed on the market.