Queenslanders have spoken and they have voted for a stable property sector, rejecting the proposed negative gearing reforms and in doing so, returning Prime Minister Scott Morrison and the LNP to power.
It has been an extraordinary campaign, with the most unlikeliest of results but one thing is clear, Queenslanders can make themselves heard at a federal level!
There’s no doubt that the election result was surprising, but the REIQ enthusiastically welcomes this outcome and what it represents – the end of the uncertainty and destabilisation that Labor’s proposed tax reforms would have had on the Queensland property market and broader economy.
I am very proud of the way our members responded to the call. When we asked you to share this information with your clients and tenants – you rallied! In fact, you responded so well that the media started to pick up on how much impact we were having.
Reports from numerous outlets, including from The Guardian Australia and comments from ABC Insiders host Barrie Cassidy, outlined the significant impact the real estate sector had on this campaign. We’ve even heard reports that Chris Bowen confirmed on Saturday night that the real estate agents cost him this election.
Thank-you and congratulations on your success!
We have shown how strong we are when we work together.
REIQ advocates for you
As your peak body we advocate for you, fighting for your needs and fighting to ensure your jobs and businesses are safeguarded through a thriving property market.
We worked hard, both in a visible way through the media and digital channels, and behind the scenes, to get this result – even though it seemed we were destined to fail.
We knew we had to share our knowledge and our experience of the real estate markets so that all voters understood the far reaching impact of the negative gearing reforms as proposed by the Labor Party.
Real estate has always played an important role in the Australian economy. Residential real estate provides housing for millions of Australians and is often the most significant source of wealth and savings for many individuals and families.
Real estate is the largest asset class in Australia. Its importance is not limited to those who invest in it. All of us benefit from real estate transactions and property construction. Stamp duty and other property related taxes are critically important to all Queenslanders and our local economy funding important infrastructure and public sectors such as health and education.
Building confidence in real estate
The health and stability of the property market in Queensland is fundamentally important.
The election outcome will allow confidence to return to our market and confidence is key in real estate.
The Queensland property market has proven itself to be dependable. It has been reliably steady for the many years delivering modest but positive growth. It has not seen the accelerated growth experienced by Sydney and Melbourne and has no need for growth stunting reforms.
First home buyer help
During the election campaign, we heard many voices calling for greater assistance for first home buyers.
The Queensland property market offers excellent affordability and this is reflected in the level of first home owner activity in our state – about 25 per cent of all owner occupiers are first-home buyers. They are more active in Queensland than almost any other state.
Having said that, we know that more can and should be done to help first time buyers to get on the property ladder and we look forward to working with the federal and state governments to develop tailored initiatives and strategies to achieve this aim.
It’s now time to put divisions behind us and get on with the job of selling real estate. We look forward to continuing to work in a positive way with the federal and state governments to develop initiatives and strategies to improve home ownership levels and increase housing supply levels to ensure accessibility for all Queenslanders.