RE/MAX Australia Managing Director Michael Davoren recognised the Queensland Government’s response to the clear message from Australians following the Real Estate Institute of Queensland’s call for it to reconsider unfair measures in its rental relief package.
“The REIQ took the fight to the Palaszczuk Government and hundreds of thousands of Australians responded,” Mr Davoren said. “Landlords’ rights were in serious danger of being eroded and more than 600,000 property owners who provide most of rental housing supply to 35 per cent of Queenslanders who rent were potentially at risk.”
He said the Queensland Government’s collaboration with the REIQ was a positive step toward a balanced and fair framework providing equal protection for renters and owners of investment properties.
“The amended measures are better aligned to supporting both tenants and landlords facing financial stress due to the pandemic.”
Mr Davoren says he has greater confidence that leaders in government, as in the real estate industry, are now addressing how COVID-19 is affecting every sector of the population, and how actions taken now will impact post-pandemic.
“This is about shelter… a basic need; and when you talk about shelter – whether for residential or commercial premises, for owner occupiers, for tenants, for businesses – all roads lead to real estate.
“Mess with real estate and you mess with millions.
“Misinformation, poor decisions and painting negative pictures of the future real estate landscape have no place right now.
“We definitely can’t afford to be short-sighted because an exit of landlords divesting themselves of rental properties will make the tenant the real loser. With fewer properties to rent, rents would go through the roof.”
He says consumer sentiment over and above economic influences will shape real estate markets through coming months.
“This is not like the GFC. We are not seeing banks and big business collapsing; but COVID-19 and the federal and state governments’ necessary shutdown measures in response have taken a toll on property sentiment.”
However, Mr Davoren believes the future for real estate is bright.
“There will be a dip in real estate prices but not a collapse. Property is selling now, in slightly less numbers but prices are not dropping. The pandemic won’t impact on values to the extent that some seem to be quoting in the media.
“The return of consumer confidence will turn it around quite quickly, and quite possibly inside six months.
“It’s entirely possible that real estate will be the market that comes back the quickest,” said Mr Davoren.
Michael Davoren, Managing Director, RE/MAX Australia – M +61 403 571 571
Lyn Cox, Public Relations, RE/MAX Australia – M. + 61 418 793 096
About RE/MAX: From a single office that opened in 1973 in Denver, Colorado, RE/MAX has grown into a global real estate network with more than 130,000 sales associates in more than 110 countries and territories. Its entrepreneurial culture affords its agents and franchisees the flexibility to operate their businesses with great independence.