Hayden Groves praises the resilience of Australia's property sector
In his final address as president of the Real Estate Institute of Australia, Hayden Groves acknowledged the resilience and success of Australia's residential and commercial property sectors amidst numerous challenges.
Speaking at the REIA Annual General Meeting in Canberra on Tuesday, Mr. Groves launched the REIA Year in Review 2023 and reflected on a busy year for the organisation.
“We have witnessed the ongoing rental crisis and political tensions, particularly the Greens’ politically motivated challenges to the Housing Australia Future Fund,” Groves said. “However, our real estate agents have adeptly navigated a plethora of changes, with property markets responding to fluctuations in inflation, interest rates, legislative changes, rising property taxes and shifting preferences among property consumers. On the global stage, geopolitical developments have reshaped the landscape, impacting the Reserve Bank of Australia’s efforts to manage inflation.”
REIA, along with the entire real estate sector, has played a crucial role in housing Australians during a supply crisis, solidifying its position as a significant influencer in property markets, Groves said.
“In 2023, Getting Real 2.0 stood as a core deliverable for REIA, shaping the future of real estate with pivotal policy priorities,” Groves said. “This agenda, driven by extensive research and consultation, has been crucial in advancing the sector, seeking increased housing supply and dealing with emerging issues such as cybersecurity, sustainability, trust in transactions and the development of better urban and regional spaces.”
Throughout the year, REIA successfully countered Adam Bandt's rent freeze proposition while paving the way for new housing policies and investments, Groves said. The organisation also established innovative partnerships and programs, particularly in shaping the real estate industry's role in a net-zero future.
“As we approach REIA’s centenary in 2024, I am confident in the continued excellence and dedication of our team to serve Real Estate Institutes, businesses, practitioners, and the communities they represent,” he said.
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Groves highlighted the launch of REIA's second strategic policy agenda, which offers a roadmap for Australia's renters, homeowners, first-time buyers, and property investors.
“Our commitment to well-considered policy positions has been a cornerstone of our approach. The REIA Housing Affordability Report continued its role as the nation’s most authoritative source on home loans and rental affordability,” he said. “In addition, the REIA Short Stay Accommodation Report and two critical commercial real estate reports have been instrumental in guiding this under-represented sector.”
Groves noted the significant transformation of the national Institute and expressed gratitude towards CEO Anna Neelagama and the team for their work and dedication.
Groves also extended his thanks to REIA Deputy President Leanne Pilkington, FRAC Chair Richard Simpson, board directors, and member CEOs for their contributions.
“The ultimate job of an industry body is to deliver benefits to members. REIA has done some extraordinary work to achieve exactly that over 2023 as your voice in Canberra,” he said. “The future of REIA is in good hands.”
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