Real Estate (Page 3)

The Real Estate Institute of Queensland (REIQ) is urging the Government to adopt a more balanced and reasonable approach to the expansion of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime, than proposed in the AML/CTF Regime Amendment Bill 2024. As it stands, the Attorney-General’s Department Impact Analysis estimates the ongoing annual cost of the regime at ~$2bn per annum for the property industry. Queensland’s property industry will absorb a whopping ~$250m of that cost per annum. REIQ CEO Antonia Mercorella, who represented Australia’s real estate professionals before a Federal Senate Committee last week, emphasised the REIQ’s support for the regime’s objectives, but raised significant concerns aboutRead More →

The Real Estate Institute of Queensland (REIQ) has released its residential vacancy rates report for the September 2024 quarter, with the peak body noting that tight conditions appear to be ‘the new normal’ for the rental market. Of the 50 local government areas and sub regions covered in the report, vacancy rates tightened in 19, remained unchanged in 18, and relaxed in 13 this quarter. Most changes were a modest 0.1 – 0.2 percentage points. Exceptions included Mount Isa, Redland’s Bay Islands and Lockyer Valley where tightening rates were more pronounced. In contrast, Cairns, Tablelands and Isaac experienced slight rate relaxations. Overall, low vacancy ratesRead More →

The Real Estate Institute of Queensland (REIQ) is welcoming Queensland Premier David Crisafulli’s newly revealed cabinet, who face complex housing challenges ahead. Along with the Premier, the REIQ is looking forward to working with the new leaders, including those responsible for shaping the future of the state’s housing: REIQ CEO Antonia Mercorella expressed optimism at the appointment of dedicated ministers for home ownership and housing – critical roles given the crises in our state. “Queensland has instilled a lot of hope in our new leaders, and there is a real opportunity to show them that housing will remain a key priority of this cabinet,” MsRead More →

The Real Estate Institute of Queensland (REIQ) is excited to announce the election of two new Directors to its Board after the results were revealed at today’s AGM. In accordance with the Institute’s Constitution and by-laws, the positions were contested by a vote of the membership, resulting in Daniel Burrett and Nadine Edwards being elected to the REIQ Board for a three-year term. REIQ Chairman Peter Brewer congratulated Daniel and Nadine on their successful campaigns amid a high number of qualified candidates vying for the roles. “I want to acknowledge the particular honour it is to have secured these positions in a year where theRead More →

REIQ Fellow and industry stalwart, Felix Reitano, has been recognised for a lifetime of dedication to the real estate profession after being named an REIQ Life Member today. After nominations are sought and consideration is given by the REIQ Board of Directors, Life Members are confirmed by a vote of members at the Annual General Meeting and Felix received a resounding level of support in favour of his appointment. REIQ CEO Antonia Mercorella said the real estate peak body considers this distinction for REIQ members who have shown long outstanding and meritorious service. “Felix certainly fits the bill for the honour of Life Member, holdingRead More →

The Real Estate Institute of Queensland (REIQ) is welcoming Federal Housing Minister Clare O’Neil’s support for phasing out stamp duty, signalling the time is right for reform. Speaking to ABC RN, Minister O’Neil expressed the Albanese Government’s support for greenfield development and infill of higher-density suburbs, as well as backing calls for stamp duty – a “bad tax”, to be phased out. REIQ CEO Antonia Mercorella said this publicly stated position opened the door for the State Government to work with the Federal Government to phase out Queensland’s outdated stamp duty regime to encourage a higher rate of home ownership. “Stamp duty presents a considerableRead More →

The Real Estate Institute of Queensland (REIQ) says a new research report from the Property Council of Australia (PCA) highlights the need for the review of state property taxes and charges to be taken out of Treasury and into independent hands. The report indicates 33,000 new homes and tens of thousands of jobs have been lost due to Queensland’s tax settings towards international institutional investment. The REIQ has long-opposed both the Additional Foreign Acquirer Duty (AFAD) – now an eight per cent surcharge on stamp duty, and the Foreign Land Tax Surcharge (FLTS) – now a three per cent surcharge on land tax. REIQ CEO AntoniaRead More →

The Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella has now been named a finalist in the prestigious 2024 Lord Mayor’s Business Awards in recognition of her leadership and business acumen. Making history as the first female and youngest leader of the REIQ in its century-long history, Ms Mercorella has been credited with transforming the Institute into one of the most progressive and high-profile professional peak bodies in Australia.  Her visionary leadership has earned her a place as one of four finalists in The Courier-Mail Business Person of the Year Award category, with the winner to be announced on Friday, 25 October 2024. REIQRead More →

Queensland’s property market is warning of a further hit to rental availability, as the Government fails to rule out any further rent controls ahead of the election. The housing industry peak bodies, Property Council of Australia Queensland, Real Estate Institute of Queensland (REIQ), and Urban Development Institute of Australia Queensland (UDIA) have expressed alarm that the notion that rent controls are back on the table, saying it will reduce the number of houses available for rent by further undermining the confidence of investors. They argue that without a clear commitment to rule out all forms of rent control – including rent caps, rent freezes andRead More →

The Real Estate Institute of Queensland (REIQ) is alarmed by reports today suggesting that the Federal Government may be considering changes to negative gearing. REIQ CEO Antonia Mercorella emphasised the potential repercussions of such changes, particularly in the current housing climate. “As repeated studies have shown, there is a minimal link between negative gearing and higher house prices,” Ms Mercorella said. “To make a major change to the rental sector during a time of low vacancy rates across Australia and long social housing waitlists could be catastrophic for the housing sector. “It would be unwise for the Federal Government to seek to eliminate what isRead More →