Victoria in need of rental accommodation
Investors seeking to buy rental properties in Victoria have received supportive comments from the Real Estate Institute of Victoria (REIV).
Currently, property investors who buy housing for the sole purpose of providing rental accommodation are paying a stamp duty when they make the purchase.
They are also subject to land tax, which they are liable for on an annual basis.
However, people who buy the same housing to live in have not paid this stamp duty since 2007, begging the question: is this fair?
The REIV believes not and suggests a policy change that will remove the fee, thereby supporting investors and encouraging growth in an area where the property market sorely needs it.
A rental shortage and high demand has already had the effect of raising prices in the region so it would be wise to stimulate investment in rental residential property in as many ways as possible.
More accommodation housing would ease the plight of rental-seekers in Victoria and also support investment growth throughout the state.