With the ACT Election four months away, Canberra Daily is asking organisations around Canberra for their perspectives on key issues, the ACT Government’s accomplishments, and what an incoming government should focus on.

Maria Edwards is CEO of the Real Estate Institute of the Australian Capital Territory (REIACT), the leading professional body for the real estate industry in the ACT – operating since 1974. Ms Edwards has worked in real estate since 2006, and won industry awards both locally and nationally. Her local not-for-profit real estate agency, ACT HomeGround, was nominated in the REIA Awards for Excellence 2022.

What do you regard as the ACT Government’s successes in the current term?

• Handling of Covid – sensible restrictions that supported both the public and industry
• From a real estate industry perspective, in the past few years property prices have stagnated and rents have reduced – for some consumers trying to enter the market, this is a positive; however, the short-term gain may not be worth the long-term pain – unless there are returns for investors, not only will existing ones be forced to sell, but new investment to increase supply in the ACT in the long term for the growing population will stagnate further.

What could have been handled better – or left aside?

Many things, but a few examples:

• Build-to-rent opportunities have not taken off due to the lack of perceived returns and over-regulation in the ACT in relation to tenancies.
• Crippling increases in land tax and rates in a high interest rate environment and when property process have remained flat and rents have fallen – also dissuading investors in the ACT

What do you see as the major issues that an incoming government will have to deal with?

• Gas transition to electric – complex buildings are a huge issue to retrofit, and there seems to be no clear pathway forward.
• Encouraging investment in the ACT – balancing the needs of tenants with property providers.
• Making land blocks affordable and ensuring there is sufficient infrastructure in newer suburbs.
• Providing pathways for sufficient social and affordable housing.

What should the government’s priorities be? What policy initiatives or reforms might be useful to meet the challenges ahead?

• More regular, meaningful consultation with industry prior to releasing legislation in relation to the impacts, potential unintended consequences and the industry’s capacity to comply with legislation – for example, the change to minimum standards for rental properties in relation to insulation in theory is a positive policy; however, the roll-out has been expensive and problematic.
• A freeze on land tax and rates until interest rates reduce. Both home-owners and renters are doing it tough in the current cost of living crisis: the cost to hold an investment property is becoming untenable, and every investment property sold results in a renter more than likely having to move house – the squeeze on investment properties is creating more instability and pressure on tenants.
• Legislate minimum education standards for strata managers – currently they are not required to hold any form of license or trade certificate in the ACT (we are working on this).
• A much bigger focus on the strata sector in general – with the number of Canberrans living in apartments and townhouses, it is vital that issues arising around maintenance, liability, strata management companies and legislation be reviewed.