Richard Simpson was elected president of the Real Estate Institute of Victoria

He said it would be a big year for the REIV given the federal and Victorian elections and the challenges of interest rate rises and a softening market.

“Real estate will be on the top of the list for the elections,” Simpson said. “We’ve already seen new policies announced to help people get into the real estate market for the first time, but the devil can be in the detail in the implementation of that.”

He said help for 10,000 people, as detailed in the federal policies from both the Labor Party and incumbent Coalition government was not enough to have a real impact.

Simpson said the REIV would also be lobbying for an end to stamp duty and property taxes in Victoria.

“The good news out of the state budget was there were no increases to property taxes, but there was also no relief,” he said.

Though he takes on the role mid-term, it’s not the first time Simpson has been REIV president. He was previously elected to the role in 2017 and 2018 and has also served two terms as senior vice president.

Simpson’s was also not the only new role elected at this week’s board meeting, with Mornington Peninsula agent Andrew Meehan now senior vice president and former president Leah Calnan made vice president.

The trio step into their respective roles during challenging times in local real estate, with the Reserve Bank of Australia raising interest rates for the first time in a decade this week.

“There is definitely a lot to do in the real estate space this year,” Simpson said.

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