Australia’s largest real estate group warns that a plan by Victorian Premier Daniel Andrews to introduce rental caps and freezes will be make the rental crisis worse.
and make the rental crisis worse, investors and Australia’s largest real estate group warn.
. Each of these properties sold to an owner-occupier reduces the already tight supply of rental properties.The Victorian government has already introduced a one-year freeze on rent increases for agreements that started on or after June 2019, a move followed by the Palaszczuk government in Queensland in April.
“Everything is on the table,” Mr Andrews said. “There’s a very long list of different policy approaches, different things we can do. We are shortening that list down... we’ll have more to say in a couple of months’ time. This will be the straw that breaks the camel’s back for many who are already struggling with mortgage payments.“Why would you play with something so important for the national economy, for investment and for construction? It’s a reckless thing even to speculate about. Let’s hope sanity prevails.”
Ray White recorded a doubling of investors selling at auction to 30 per cent in Sydney this weekend, while investors made up 32 per cent of auction sellers in Melbourne.AdvertisementIntroducing rent caps would create “complete confusion” as each rental agreement was different.Victorian Opposition Leader John Pesutto said the Andrews government had become addicted to relying on taxes, having just introduced $11 billion in levies in the state budget eight weeks ago.
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