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Budget 'has mixed implications for property investors'

The Budget features both good and bad news for Australian property investors, the Real Estate Institute of Australia has claimed.

The Budget, announced yesterday (May 10th) by treasurer Wayne Swan, has both positive and negative implications for Australian property investors.

 

 

This is according to David Airey, president of the Real Estate Institute of Australia (REIA).

 

 

He said part of the good news was that proposed changes to negative gearing arrangements, which the REIA had lobbied against, were rejected.

 

 

However, the bad news is that nothing to help first-time buyers had been introduced.

 

 

"This is a market segment that desperately needs assistance to fund home purchase," Mr Airey added.

 

 

He went on to say that he was disappointed that the government has not implemented long-term solutions to address the affordability of property in Australia.

 

 

"We need to look at practical measures to give first-home buyers the opportunity to realise the dream of owning their own home," Mr Airey concluded.

 

 

An increase in permanent migration was introduced as part of the Budget, with 185,000 visas to be supplied in 2011-12 to those seeking employment and property in the country.

 

 

Posted Steve Douglas

 

 

- property, REIA, Swan, budget

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