The Real Estate Institute of Western Australia has kicked off a campaign to engage with the WA community as proposed changes to negative gearing are debated. In the lead up to the Federal Election, REIWA is seeking the thoughts and opinions of West Australians who use property to help shape their lives a nd secure their future.
As part of the campaign, REIWA will share local research and survey results to ensure a balanced conversation on negative gearing. REIWA President Hayden Groves said that the current debate around negative gearing doesn’t focus on the role property plays in the lives of everyday West Australians.
“The proposed changes to limit negative gearing to newly built properties will not fully address the issue of housing affordability,” said Groves. “Housing affordability can only be solved with a combination of supply levers and planning and development policy reform.
“Rather than tinker with negative gearing, we’ll be promoting the need for broader tax reform where the system is simple, fair and efficient. Changing just one part of a very complex system can lead to inefficiencies and distortions.
“Over the coming weeks, we’ll be running a series of surveys with members of the WA public to find out what matters to them in regards to property ownership.”
REIWA tells us Perth’s median house price has hit $800,000, a $100,000 (about 15%) rise since this time last year. Recent “catch up” price rises have been rapid. In 2020, the median house price was $478,000. Sales volumes continue to increase too, with about 60,000 sales across Perth in 2024 … Read more
Bumping into a local developer this week at a local café led to an interesting chat about the current state of the local property market and the difficulties he faces in getting projects out of the ground. In summary, unless a developer can sell an average two-bedroom apartment at completion … Read more