In this episode of Home in WA, host Jon Williams sat down with Real Estate Institute of WA (REIWA) CEO Cath Hart to discuss how her organisation is trying to remove barriers to buying, selling and leasing property in Western Australia.
Home in WA airs weekends on Channel 7. But if you missed the last one, don't worry. You can check it out, along with a full summary, right here!
Breaking down barriers in the WA property market
With a membership of more than 90% of all Western Australian real estate agents, you may not know that the Real Estate Institute of WA, commonly known as REIWA, is the peak body that strives to make buying, selling and leasing property more achievable for all Western Australians.
And with the challenges of increasing interest rates, higher cost of living, and a significant increase in building costs, it seems the journey to homeownership is harder now than ever before. In this episode, host John Willians caught up with newly-appointed REIWA Chief Executive Officer Cath Hart to find out more.
Jon Williams: Cath, with reforms to the tax revenue streams, such as stamp duty, facing strong headwinds, is homeownership still a realistic target for young Western Australians?
Cath Hart: If I was a first time buyer, there's no place in Australia I'd rather be than in WA. That said, the deposit gap still is a big issue. And we know that stamp duty certainly exacerbates that.
Jon Williams: What are your thoughts on the broader impact on the market of proposed changes to residential tenancies in WA?
Cath Hart: We do have some serious concerns about these proposed reforms. In the Western Australian market at the moment, the rental vacancy rates have been persistently at about 1%, and it's been like that for a long time. So we think that anything that discourages investors from either entering the market or encourages them to exit is something that we really shouldn't be doing at this point in time.
In terms of the content of the reforms, we're concerned that they restrict a property investor's ability to manage that investment. Things that are being contemplated include allowing tenants to have pets in properties without seeking the consent of the owner. The other thing is that the proposals look at limiting a property investor’s ability to end a tenancy even after the lease has expired.
We think these are things that will discourage people from coming into the WA market. At this point in our rental cycle, what we need more than anything is people who are willing to own a house they let somebody else live in.
No doubt there is plenty of work ahead for REIWA in pushing for much needed reforms to help people move more freely on their property journey.
To speak to one of our expert property partners about your situation, go to the agency.com.au