The Real Estate Institute of Australia (REIA) has today welcomed Australia’s new look Cabinet.
REIA President Mr Hayden Groves congratulated the new Minister for Housing, Homelessness and Small Business the Hon Julie Collins MP.
“We welcome the appointment and are pleased – as expected – housing has been elevated to a Cabinet position. We also thank former Shadow Minister for Housing and Homelessness the Hon Jason Clare MP and congratulate him on his promotion to the Minister for Education.
Mr Groves said he looked forward to working with the New Cabinet for a renewed whole-of-government approach to dealing with both housing supply and affordability.
“Housing supply and affordability were a battleground issue in the Federal Election 2022 for young Australians in particular and we must all rally around this critical issue.
“NHFIC estimates household formation is across the board expected to exceed supply by 164,300 by 2024-2025 after some short-term relief this year and next, which will maintain pressure on affordability, particularly as interest rates increase.
“In my home state of Western Australia that is the estimated equivalent of 20,000 new homes needing to be built.”
Mr Groves said that Governments and industry cannot continue to do the same thing and expect a different outcome.
“To deal effectively with housing supply and in turn affordability, we will need to unlock solutions to better utilise existing housing inventory, deal with the building and construction crisis so more new homes can be built and look globally to find innovative practices.
