Senate housing hearings today
Beaming into Canberra this morning to appear before the Senate Economics References Committee. Financial and regulatory framework and home ownership on the menu.
While we firmly disagree with the Chair, Senator Bragg, on build-to-rent housing, a good way to live and save if there ever was one, there is common ground on home ownership, supply and access to finance. More to come.
Treasurer backs safer M&A path for property
“Land acquisitions involving residential property development and certain commercial property acquisitions won’t be included … unless they are captured under other notification requirements.”
So said Treasurer Chalmers in the Australian Financial Review last week.
Following our strong efforts, hat tip team national advocacy, we welcomed the announcement that the instruments under the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 will allow land appropriately purchased for residential and some commercial purposes will be carved out from unintended delays.
Proposed notification thresholds would have captured thousands of capital-intensive property transactions well outside the policy intent of the reforms. As drafted, those thresholds harmed residential market’s ability to price, finance and deliver new homes to rent and buy, pushing up the price of new homes and the cost commercial property that supports economic activity in our cities.
We will pursue close industry consultation on the ministerial instruments in coming months.
Tell us about the impact tech is having in your business
We are now in the fifth year of tracking our industry’s tech adoption and sentiment through the Yardi/Property Council Technology Survey.
Each round has offered unique insights, but this one promises to be especially revealing, given how widely AI has captured everyone’s imagination.
Let us know how AI and other technologies are impacting your business by completing the survey here for a chance to win a $250 Visa gift card.
WA Property Awards
A big thanks to team WA, coordinated by April and led by Nicola, Daevid and Mel, for an inspiring evening celebrating our industry’s finest.
Watched over by Planning Minister John Carey, Opposition Leader Shane Love, Liberal Leader Libby Mettam and Perth Lord Mayor Basil Zempilas it was an outstanding night for the WA property industry capped by Ian Armstrong’s gracious speech accepting the Property Leader award.
Already an honorary life member of the WA division, well preserved and self-effacing Ian had a boisterous room in the palm of his hand.
“So there was no handbook for managing a shopping centre… just collect the rent, keep it clean and hire fat cat to draw a crowd…he’s pretty old but unlike me he hides it well.”
Equally, Ian compelled attention with his gratitude, first to Harry Hoffman and then to the remarkable Stan Perron with whom he shared the award, “One day he walked into the office and said, ‘I’ve worked out what it is all for… I’m giving the whole Perron Group to the Charitable Foundation,’ and so with the stroke of pen it became a 6-billion-dollar endowment fund makings profits year after year to worthy causes”.
“Now we at Perron Group have always been great supporters of The Property Council and its predecessor BOMA. We are grateful for the way in which the interests of property owners are represented at the highest and most professional level.”
Well said and well done Ian. The Property Council’s success through the decades could not happen without leaders like you.
Thanks to the author for sharing his speech notes.
Next week – to Congress and beyond…