Thursday 13 February 2025
Victoria’s rental market continues to go backwards revealing a statewide reduction of 20,000 rental properties in the past 18 months as property investors sell up.
The Nationals’ Melina Bath said Labor’s addiction to new or increased taxes has had a negative impact on rental property availability and individuals and families are finding it increasingly difficult to keep a roof above their heads.
“Labor’s taxation record is reckless, introducing 57 new or increased taxes, 30 of which directly target property owners and renters.
“There is no incentive for mum and dad property investors to remain in the market as the Allan Government’s increased taxes and red tape continues to hurt them financially.
“Labor’s ongoing failure to build and deliver an increase in social and affordable housing stock during a cost-of-living crisis is compounding the rental market pressures.”
The Real Estate Institute of Victoria (REIV) has highlighted the exodus of investors as a direct result of Labor’s punitive taxes, soaring interest rates, and bureaucratic red tape.
Victoria’s rental market has fared worse than any other state – Queensland and New South Wales recorded slight increases in rental bonds, while Victoria suffered a four per cent decline.
Ms Bath said Labor refuses to take responsibility for its actions which has pushed property investors out of the market, leaving renters to bear the brunt of its policy failures.
“The Allan Government must review its tax policies and implement measures to restore investor confidence to stabilise the rental market.
“Labor can’t manage money, can’t manage the housing market, and Victorian renters are paying the price.”
