A Year in Review 2023 by RealEstateInstitute

2023 A Y E AR IN REVI E W

Advancing Australia's Prosperity

A united and successful Australian real estate industry

ACKNOWLEDGEMENT OF COUNTRY The Real Estate Institute of Australia (REIA) acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to them, their culture and their leaders, past, present and emerging.

Cover art acknowledgement Mr. Hayden Groves, dethridgeGROVES and REIA President (2021 – 2023) supplied this listing shot of this home on Fothergill Street, Fremantle, Western Australia. Western Australia remains one of Australia’s most affordable home buying destinations.

Summary Year in Review 2023 incorporates activities from December 2022 – December 2023 and is directly aligned with outcomes from the REIA 2025 strategy.

Disclaimer REIA is a federation of state and territory Real Estate Institutes. Formed in 1924, it represents the real estate industry in Australia at national and international levels. Real Estate House 16 Thesiger Court, Deakin, ACT PO Box 234, Deakin West, ACT 2600 Phone: (02) 6282 4277 Website: reia.com.au Email: reia@reia.com.au All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by means of electronic, mechanical, photocopy, recording or otherwise, without the prior consent of the publishers. If using REIA data for research purposes, please acknowledge that this data is sourced from REIA. © 2023 REAL ESTATE INSTITUTE OF AUSTRALIA ISSN: 1447 6606 Registered by Australia Post. Publication No. PP 299436/00045

A YEAR IN REVIEW 2023

ABOUT US

POLITICAL ACTION AND POLICY

STRATEGIC INITIATIVES

04 05 06 08

20 21 22 22 23

Budgets Advocacy Tours Inquiries Submissions Committees and Forums

26 26 26

Member First Putting REIA on the Political Map NetZero for Aussie Real Estate: Leading the

Green Revolution Addressing the Rental Crisis with Informed Action

28 28

Getting Real 2.0 Shaping the Future of Real Estate Ethics in the Real Estate Transaction

29 30

Unique Partnerships Recognised Authority

RESEARCH AND EVIDENCE

MEDIA AND DIGITAL ADVOCACY

BEST PRACTICE AND INDUSTRY EXCELLENCE

32 34

39 40

43 44 46 48

Table of Contents

President’s Message CEO’s Message REIA Board, Institutes and Affiliates About REIA

8 Market Reports 5 Thought Leadership Reports

Traditional media Digital media

National Principles of Conduct Awards for Excellence AUSTROS REIA Associates and Fellows

REIA WALL OF HONOUR

NATIONAL PROPERTY MANAGERS DAY

PERFORMANCE AND GOVERNANCE

THE FINAL WORD

PRESIDENT’S MESSAGE

In 2023, Getting Real 2.0 stood as a core deliverable for REIA, shaping the future of real estate with pivotal policy priorities. This agenda, driven by extensive

On behalf of the REIA Board, it is my privilege to present the 2023 Year in Review.

research and consultation, has been crucial in advancing the sector, ensuring increased housing supply, cybersecurity, sustainability, trust in transactions, and the development of better urban and regional spaces.

And what a year it has been. Serving as REIA President since December 2021, my We have witnessed the ongoing rental crisis and

tenure concludes in December 2023.

political tensions, particularly the Greens’ influence over the Housing Australia Future Fund. Our real estate

Thank you to the REIA Board of Directors, all Chief

agents have adeptly navigated a plethora of changes,

Executives of our member Real Estate Institutes and

with property markets responding to fluctuations in

our growing stable of Affiliate Members. In particular,

inflation, interest rates, and shifting preferences among

thank you to REIA Deputy President Leanne Pilkington

buyers, sellers, investors and renters.

and REIA Finance, Risk and Audit Committee Chair Richard Simpson.

On the global stage, geopolitical developments have reshaped the landscape, impacting the Reserve Bank of

I want to especially thank REIA CEO Anna Neelagama

Australia’s efforts to manage inflation.

and her secretariat. They are your voice in Canberra, defending and promoting private property markets and

Amidst these challenges, the resilience of the Australian

real estate practitioners, with every twist and turn that

real estate sector has been remarkable. REIA, along

politics and the economy throw at them.

with the entire $11 trillion industry, has not only sustained but also thrived, reinforcing our position as a

This year, their formidable efforts have successfully

global and sector leader with distinct comparative

countered Adam Bandt’s rent freeze proposition, paved

advantages.

the way for new housing policies and investments, and forged innovative partnerships and programs. These include shaping the real estate industry’s role in a NetZero future, backed by meticulous research and extensive industry consultation. 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. I look forward to seeing what is yet to come. Yours faithfully,

HAYDEN GROVES REIA President

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CEO'S MESSAGE 2023 has been a pivotal year of change and unwavering progress for our industry. This year marked the launch of REIA’s second strategic policy agenda. This comprehensive plan, supported by evidence, endorsed by Real Estate Institutes, and shaped through consultations with practitioners, offers a clear roadmap for Australia’s renters, homeowners, first-time buyers, and property investors. Our commitment to well-founded 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. In addition, the REIA Short Stay Accommodation Report and two critical commercial real estate reports have been instrumental in guiding Australia’s $1 trillion sector through a challenging global landscape. 2023 also marked a year of unprecedented recognition

I am incredibly proud of the REIA team, who have

for REIA. We made a historic address at the National

shown resilience and dedication, delivering outstanding

Press Club, a testament to our growing influence and a

results in advocacy, excellence, partnerships, and

first in our 100-year history.

various projects. Your efforts have been integral in fulfilling the REIA board’s vision of Advancing

Partnerships have been central to our strategy this

Australia’s Prosperity.

year. Welcoming LJ Hooker and Professionals to the REIA family and establishing new alliances with the

As we look to the future, I am excited and optimistic

Regional Australia Institute and Expressions Australia,

about the opportunities that lie ahead. Here’s to

among others, have all brought multifaceted benefits to

continuing our journey, and making an even greater

our sector.

impact in the years to come.

We’ve also completed significant internal milestones,

Yours faithfully,

including a Constitutional Review and the 40thanniversary refurbishment of Real Estate House, further solidifying our foundation for future endeavours. ANNA NEELAGAMA Under the leadership of President Hayden Groves,

Chief Executive Officer

we’ve upheld our commitment to ethics, truth,

Real Estate Institute of Australia

transparency, and trust in every real estate transaction.

anna.neelagama@reia.com.au

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BOARD OF DIRECTORS The REIA Board of Directors from December 2022 - December 2023:

Hayden Groves REIA President

Leanne Pilkington

Andrew Bell

Adrian Kelly

Director

Ray Ellis

Richard Simpson

Cain Cooke

Deputy President

Damian Collins Director

Hannah Gill Director

Director

Carol Need Director

MEMBER INSTITUTES REIA Member Institutes as of December 2023 are:

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Director

REAL ESTATE INSTITUTE CEOS REI CEOs as of December 2023 are:

Andrea Heading

Real Estate Institute of South Australia (REISA)

Michelle Tynan

Real Estate Institute of Tasmania (REIT)

Aswin de Silva

Real Estate Institute of Northern Territory (REINT)

Quentin Killian

Real Estate Institute of Victoria (REIV)

Cath Hart

Real Estate Institute of Western Australia (REIWA)

Tim McKibbon

Real Estate Institute of New South Wales (REINSW)

AFFILIATE MEMBERS REIA Affiliate Members from December 2022 – December 2023:

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Maria Edwards

Real Estate Institute of the Australian Capital Territory (REIACT)

About REIA

Real Estate Institute of Australia reflects on 100 years - realestate.com.au

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Celebrating a Century: REIA’s 100-Year Milestone 2023 has been a landmark year for REIA, marking the centenary of a pivotal moment in our history – the hosting of the First Conference of Real Estate Institutes by REINSW on the 17th to 19th of September 1923. This milestone is not just a commemoration but a testament to our enduring legacy. The first leaders of our industry convened in Sydney to forge a unified national voice for real estate in Australia. Their networking mirrored the very essence of real estate culture, including a dinner at the Wentworth Hotel, an outing to Her Majesty’s Theatre, and scenic trips showcasing Australia’s natural beauty. Our centennial milestone is not just a celebration of our past but a steadfast commitment to our mission – Advancing Australia's Prosperity. As we reflect on our evolution, we recommit to forging a united and successful Australian real estate industry. To commemorate our centenary, we have developed a unique visual identity that will be featured across various assets celebrating this milestone. This special design theme, blending the logo elements and brand colours of each member Institute, represents our collective journey and the rich tapestry of contributions that have defined our industry over the past hundred years.

REIA Deputy President Leanne Pilkington captured sharing the excitement of REIA's centenary celebrations with Channel 7 and Channel 9, showcasing a historic moment for the industry.

This anniversary also serves as a reflective moment, appreciating how our sector has transformed to mirror modern Australia. Today, our workforce is 67 per cent women, and we proudly reflect the multicultural fabric of the communities we serve. Our presence extends across Australia, offering bilingual services in areas with significant Chinese and Indian communities, amongst others.

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The media of the day captured the spirit of these events: Daily Telegraph (15 September 1923):

“Interstate Conference – Progressive Development. Great interest attaches to the interState conference of real estate institutes...” The Mercury (19 September 1923):

“Real Estate Institutes... It was resolved to establish a Federal Council of Real Estate Institutes and Associations in Australia.” Sydney Morning Herald (20 September 1923):

“Real Estate Institute – Annual Dinner... Why should not their work rank as that of the doctor, the cleric, or the teacher?” Fast forward to 17 – 19 September 2023, we celebrated this centennial milestone, commemorating both REINSW's and REIA's remarkable achievements. The REIs gathered in Auckland to officially launch the REIA 100.

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It was during this inaugural conference in 1923 that the decision was made to establish a Federal Council of Real Estate Institutes and Associations in Australia, laying the foundation for what REIA would become in 1924. Reflecting on this era, the societal context was markedly different: the living wage for ‘female employees’ was £2, Sydney’s median weekly rents hovered around 12 shillings, and a terrace house in Paddington could be purchased for £1750. Meanwhile, the nation was grappling with an ‘Acute Housing Shortage,’ a challenge that continues in different forms to this day.

SAVE THE DATE Mark your calendars for a celebration at our Gala Dinner on the 16th of May 2024, set in the picturesque city of Hobart, Tasmania. This event will be a tribute to a century of excellence in Australian real estate, bringing together industry leaders from across the nation.

A renovation and refit of Real Estate House, in celebration of its 40th anniversary, is aimed at ensuring that the building can be enjoyed for many more years to come.

PURPOSE As defined by our Constitution, REIA’s purpose is to:

Represent the real estate industry in Australia by acting as the single policy forum at a national level

Ensure the preservation and growth of private property markets

Strengthen private property markets and improve the professionalism of estate practitioners

Maintain a high level of liaison and cooperation with government departments and member bodies

STRATEGY REIA’s strategic plan Advancing Australia’s Prosperity 2022-2025 (REIA 2025) was released in July 2022. Our vision is for a better Australia through housing and real estate; and to celebrate the roles of our Real Estate Institutes, our agencies, our practitioners and the communities we serve across cities and towns all over Australia.

We are focused on delivering our vision and mission and in doing so benefit our members:

Our 2025 vision is to Advance Australia’s Prosperity. Our 2025 mission is A united and successful Australian real estate industry.

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Strategy to action Under the strategic plan of REIA 2025, we have established a robust performance framework that transforms our strategic objectives into actionable steps. This approach not only drives our progress but also ensures we remain accountable to the dynamic and diverse industry we serve.

Strategy REIA 2025

Operations REIA Business Plan

Policy Getting Real 2.0

Reporting 2023 A Year in Review

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REAL E S T A TE INDUSTRY: A 2023 SNAPSH O T Here is a snapshot of the Australian real estate industry’s scale and impact.

$3 trillion The total value of assets currently under management.

$78 billion Annual rental receipts collected across the industry.

$360 billion The total value of homes sold in the recent fiscal year.

$10 trillion Cumulative value of Australia's residential real estate market.

$1.1 trillion Value of the commercial real estate sector.

$58.3 billion Property taxes paid by the industry in 2020-2021.

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R EIA: IMPAC T AND INF L UENC E B Y T H E NUMB ER S $148 per year

Getting Real 2.0

A renovation and refit

Cost of REIA membership through your local institute.

A testament to REIA’s proactive approach to addressing housing and real estate challenges through evidence-based, industryendorsed strategies.

Of Real Estate House to mark its 40th anniversary.

98 media releases

4,516 media hits

$6.486M media coverage value

8 market reports

5 thought leadership reports

National Rental Inquiry Campaign

Including quarterly REIA Housing Affordability Reports and Real Estate Market Facts.

On key issues impacting Australia’s real estate practitioners.

Including quarterly REIA Housing Affordability Reports and Real Estate Market Facts.

Consistent communication with an average of 2 releases per week.

REIA State of the Market: Australian Rental Properties 2023. REIA Short Stay Accommodation Report. REIA . EOFY Economic Outlook for Commercial Real Estate. REIA Commercial Real Estate Sustainability Report 2023. REIA State of the Industry Report.

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OUR PEOPLE As we reach December 2023, let's introduce the dynamic and dedicated members of the REIA team.

REIA Board of Directors

REIA Finance, Risk & Audit Committee

Anna Neelagama

Chief Executive Officer

Specialist Advisors: Olwyn Conrau, Media Advisor

Shalini Raj

Policy Advisor

Victoria Peisley Business Manager

Kay Giffin, Management Accountant Jock Kreitals, Consulting Economist Liss Ralston, Social Data Consultant

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REIA 2025 PARTNERS

REA Group

AON Aon is committed to making life easier for Real Estate business owners with insurance that’s easy to understand, buy and manage.

REA Group (ASX:REA) is a digital advertising company that operates Australia’s leading property websites and real estate websites in Europe, Asia and the US.

RealtyAssist

REI Super

Realty Assist Australia provides the real estate sector with a variety of services to make life easier for our members.

REI Super is the only super fund built by, and for real estate professionals. That means we truly ‘get’ what you do. We consistently deliver strong returns, offer lower fees, and provide tailored insurance products.

Terri Scheer Australia’s leading landlord insurance specialist, offering protection for rental property from potential financial risks, not covered by the bond.

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REIP REIP is a collective of real estate industry leaders who are committed to uniting and empowering the industry.

Re-Leased Re-Leased is cloud-based commercial property management software that makes life easier for property managers and owners.

Political Policy & Action

REIA President Hayden Groves with Prime Minister Anthony Albanese

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The past year has been pivotal with respect to political action and policy development. As the 47th Parliament, led by the Albanese Labor Government, continued its term, REIA's Policy and Political Action agenda adapted and responded to the evolving political landscape. This period was marked by significant legislative developments and policy discussions, with REIA playing a proactive role in advocating for the interests of the real estate industry and shaping policies that impact our sector.

Advocacy and Strategic Initiatives

Critical issues

Advocacy

Campaigns

Strategic Projects

Issues management of economic and reputational issues.

Key initiatives and awareness activities across political cycles.

Launched two major advocacy campaigns.

Widening our portfolio through REIA’s Getting Real.

Rental freeze Defending negative gearing Cybersecurity and data privacy

Federal Budget National Cabinet Advocacy Tour Inquiries Submissions Committees and Forums

Getting Real 2.0 National Rental Inquiry

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Project RE-ID Project CRE Build Skills Australia

BUDGET Budget 2023 – 2024: Stronger Foundations for a Better Future The 2023-2024 budget brought forward several commendable initiatives that align with REIA's vision of enhancing housing affordability in Australia. We are pleased to acknowledge the following key budget measures:

Other budget highlights that align with our objectives include:

Enhanced Rent Assistance: A significant 15% increase in Commonwealth Rent Assistance rates, representing an investment of $2.7 billion over five years. This marks the most substantial boost in over three decades.

Targeted Migration: Refining the migration system to meet current market needs.

Home Construction Initiatives: A focus on building more homes through incentives for build-to-rent projects and investment in social and affordable housing.

Infrastructure Investment: Commitment to building essential infrastructures. Digital Future: Focus on creating a productive and secure digital landscape. Net Zero Initiatives: Supporting industries and job creation in the net zero sector.

Home Ownership Support: Expansion of the home guarantee scheme, facilitating more Australians in achieving home ownership.

While these developments are encouraging, REIA recognises the need for immediate action on supply-side factors. This includes fostering partnerships at the Local Government level, implementing dynamic tax reforms, and creating attractive investment opportunities for mum and dad investors.

REIA President Hayden Groves with Treasurer Jim Chalmers

Workforce Development: Investment in training for a skilled workforce.

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+1.5

- $13.9 billion

Real GDP growth 2023-24

Deficit 2023-24

$14.6 billion

$20,000

Cost of living package

Instant assets write offs for business

$2.7 billion

Increase in Commonwealth Rent Assistance

Changes to negative gearing and CGT

ADVOCACY TOUR Each year, REIA undertakes an essential advocacy tour, an opportunity to engage directly with key political figures across the spectrum. This initiative forms a cornerstone of our efforts to represent the real estate industry's interests at the highest levels of government. In 2023, REIA President Hayden Groves spearheaded this mission. In July, he embarked on a significant tour in Western Australia, meeting with a majority of the state's members and senators. This was followed by a focused three-day advocacy drive in Canberra during August, providing an invaluable platform for dialogue and collaboration with Ministers, Shadow Ministers, MPs, Senators, and crossbench members. These tours are crucial for maintaining open lines of communication, presenting our industry's perspectives, and advocating for policies that positively impact the real estate sector and its stakeholders.

Senator Deborah O'Neil

Hon ML Allegra Spender

Hon MP Josh Burns

Hon MP Michael Sukkar

The Hon MP Catherine King

Housing Minister Julie Collins

Hon MP Sam Lim

Hon Julie Collins MP Minister for Housing, Minister for Homelessness, Minister for Small Business

Follow 18

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Alison Ross, REINT Board Treasurer, Ryan Doyle, REINT Board Vice President, Anna Neelagama, REIA CEO, Hon Eva Lawler, Carol Need, REINT Board President, Aswin De Silva, REINT CEO

INQUIRIES Submission to the Inquiry into the Worsening Rental Crisis in Australia. REIA provided a ten-point plan aimed at assisting Australian renters to the Federal Senate Inquiry (the Inquiry) into the worsening rental crisis. An interim report was presented on 21st September 2023 to aid in the deliberations of the National Cabinet on renters’ rights and a final report will be presented by 5th December 2023. REIA issued a call to action to Australia’s real estate industry for their insights on the role of government, personal experiences with renting and costs and difficulties associated with it. Through consultations with investors and tenants, we gathered and collated information from our members on their experiences to formulate our 10-point plan to solve the housing supply. An interim report on the worsening rental crisis in Australia

SUBMISSIONS National Plan for Housing and Homelessness Issues Paper – October 2023 REIA submission on the National Housing and Homelessness Issues Paper to the Department of Social Services (DSS), which has been a standing policy of REIA since 2020 and provided key recommendations in relation to Australian real estate and private property markets in a bid to address critical housing supply issues. National Rent Inquiry Submission – August 2023 REIA submission on the inquiry into the worsening rental crisis in Australia to the Community Affairs References Committee, by providing recommendations against the Terms of Reference which seek to solve housing supply. Anti-money Laundering Submission – July 2023 REIA submission on the consultation paper on reforms to simplify and modernise the regime and address risks in certain professions, by providing four preliminary recommendations for the real estate industry in response to the consultation paper by the Attorney General’s department. Cybersecurity Strategy Discussion Paper – April 2023 REIA submission to the Department of Home Affairs on the 2023-2030 Australian Cyber

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Security Strategy Discussion Paper, providing sector-specific strategy for the real estate industry by focusing on industry-wide adoption and establishing an ongoing work strategy. Privacy Act Review Report – March 2023 REIA submission to the Attorney General’s Department on the Privacy Act Review Report (the Review Report), with a key objection to the removal of the small business exemption and by establishing firm views on an ongoing working relationship within real estate businesses as cybersecurity remains a major strategic priority for the industry. Legislating the objective of superannuation – March 2023 REIA submission to the Treasury’s Draft Legislation on the Objective of Superannuation by proposing 2 key recommendations on holistic retirement outcomes and expansion to provide support for first home buyers to benefit Australians in safeguarding their savings and hold future government approaches to their agreed intent.

COMMITTEES AND FORUMS As part of our commitment to shaping and influencing policy at the national level, REIA has been actively involved in various high-level forums and committees throughout the year. These platforms provide us with opportunities to represent and advocate for the interests of the real estate industry, ensuring our voice is heard in key policy decisions. Here’s a more detailed look at our involvement in these crucial policy forums and committees:

ASBFEO Policy Forum REIA's participation in the ASBFEO Policy Forum aligns us with the broader small business community, enabling joint advocacy efforts. We provide ongoing feedback, particularly concerning policies affecting COVID-19 recovery, ensuring the real estate sector's unique challenges and perspectives are considered. ACCC Small Business and Franchising Consultative Committee This Committee offers a critical interface between industry, government, and regulatory bodies to discuss concerns related to small business and franchising under the Competition and Consumer Act 2010 and the Franchising Code of Conduct. Key topics discussed include unfair contract terms, with 37% of complaints to the ACCC about unfair terms coming from small businesses, and the impacts of digital platforms. The ACCC's recent reforms now provide additional protections against unfair contract terms, helping small businesses navigate negotiations with larger corporations. ATO Foreign Investment Stakeholder Group The Group aims to facilitate business and industry stakeholder feedback on the ATO’s Foreign Investment Program. The recent changes have expanded the categories of assets required to be registered on the Foreign Ownership Register. These include commercial land, mining exploration and production tenements, and specific business interests. Enhancements to online services for foreign investors now include features like residential application submissions and updating investor details. ATO Individuals Stewardship Group The focus of this Group is to contribute to the ATO’s proposed future direction concerning individuals. Current priorities include understanding how changes in work, career habits, and patterns influenced by COVID-19 will

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impact the tax system. These changes have implications for housing and infrastructure design, directly affecting the real estate sector. ATO Small Business Stewardship Group The Group concentrates on the ATO’s administration of taxation and superannuation systems as they relate to small businesses. Discussions have covered a range of topics, including the Research and Development Tax Incentives and the Sharing Economy Reporting Regime. The ATO’s new requirement to publish information about entities claiming the R&D Tax Incentive highlights the focus on transparency and support for vulnerable clients in challenging times. Energy Efficiency Committees REIA's involvement in various committees related to energy efficiency illustrates our commitment to sustainable practices within the real estate sector. These committees, like the REEDI Governance Forum and the NatHERS Stakeholder Consultative Group, play a crucial role in developing frameworks and policies for energy-efficient practices in residential buildings. Our recent invitation to the Apartments Working Group (AWG) reflects our growing influence in shaping energy efficiency policies at a national level. The focus on piloting voluntary disclosure schemes for energy efficiency from 2024 aligns with our goals of promoting sustainable development in the real estate industry.

Strategic Initiatives

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In December 2022, REIA conducted a baseline survey on our REIA 2025 strategic plan Advancing Australia's Prosperity, yielding insightful feedback from our membership. This survey not only affirmed a strong recommendation rate of 92% for REIA within the industry but also crucially informed our 2023 work plan. The results highlighted key policy priorities and strategic directions, shaping our focus for effective advocacy and member services in the coming year. The evaluation revealed; The most important policy priorities were housing supply (93%), trusted real estate agents (90%) and cybersecurity (84%). The most important REIA 2025 strategies were considered to be delivering strong advocacy outcomes (99%), being the recognised authority on real estate issues (99%), and enhancing public confidence in real estate practitioners (90%). The least important REIA 2025 strategy was considered to be delivering value and capability directly to practitioners (67%) Informed by these key insights, REIA focused on implementing targeted strategic partnerships and projects in 2023, directly addressing the priorities and needs highlighted by our members.

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MEMBER FIRST 2023 marked a pivotal year for REIA in enhancing our engagement with member Institutes. The easing of COVID-19 restrictions provided a valuable opportunity for both REIA President Hayden Groves and CEO Anna Neelagama to engage more directly with members.

A highlight was securing the Minister for Housing and Small Business's first Post Budget Address in Hobart in May 2023, underscoring REIA's influence and importance in national housing discourse. These efforts exemplify REIA's commitment to elevating the real estate industry's profile and ensuring our members' voices are heard where it matters most.

They completed roadshows, and visited every major capital city, re-establishing and strengthening our connections face-to-face. A highlight of our engagement was our presence at every State and Territory REI Awards for Excellence, celebrating the achievements and excellence within our industry. Additionally, we actively participated in all International Women's Day events. Regular briefings and meetings with State Parliamentarians and State REI Boards were held, ensuring continuous dialogue and collaboration. These interactions were not only about fostering relationships but also about understanding and addressing the unique needs and perspectives of each region.

PUTTING REIA ON THE POLITICAL MAP In 2023, responding to our members' call for robust advocacy and authoritative presence in real estate matters, REIA took significant strides in shaping and influencing policy. Our comprehensive government relations and advocacy strategy led to several impactful initiatives: We conducted an Annual Advocacy Tour, engaging with over 60 Federal Parliamentarians to discuss and address critical housing issues. REIA made history with a landmark address at the National Press Club, highlighting our leadership in the real estate sector. Facing the Greens' rent freeze proposal, we took a decisive stand to safeguard the interests of our members and the wider real estate community. We successfully positioned housing as a focal point in discussions at the National Cabinet and within the Federal Budget 2023 deliberations.

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NETZERO FOR AUSSIE REAL ESTATE: LEADING THE GREEN REVOLUTION With the Australian Government setting a legislative target of NetZero by 2025, REIA has amplified our efforts in green advocacy. This year, we achieved significant milestones in promoting sustainable practices within the real estate sector: A key victory was the introduction of the Small Business Energy Incentive in the 2023 Budget. We played a pivotal role in securing a comprehensive Household and Business Electrification Package. Through active lobbying, we influenced the Crossbench announcements on instant tax write-offs for energy-efficient upgrades in rental properties, a measure we anticipate will be featured in the 2024 Budget. Understanding the Clean Energy Finance Corporation's (CEFC) mandate to allocate $1 billion in clean loans for households and rentals, we highlighted the critical role of the property management sector, managing assets worth $3 trillion. In addition to our advocacy efforts, REIA has actively promoted sustainability within the industry. We hosted Sustainability Forums in Canberra and Melbourne and introduced Sustainability Awards in the REIA National Awards for Excellence 2024, recognising individual practitioners and agencies leading the way in sustainable real estate practices. Looking ahead, REIA will be closely monitoring the developments of COP28 in late 2023. In collaboration with our international partner, FIABCI, we are committed to understanding the implications of these global discussions for both Australian and worldwide real estate sectors.

ADDRESSING THE RENTAL CRISIS WITH INFORMED ACTION In 2023, amidst a backdrop of inflation and housing shortages affecting vacancy rates nationwide, the plight of renters came to the forefront. REIA, in collaboration with our Real Estate Institutes, adopted an evidence-based approach to address the multi-faceted challenges of the rental crisis. Our concerted efforts included: Engaging in advocacy at both State and Federal levels, particularly with the National Cabinet, to highlight and address rental market challenges. Organising the inaugural REIA Property Management Roundtable, a platform dedicated to exploring and resolving issues in property management. Providing factual insights to inform the debate, underscored by two significant reports: The REIA Short Stay Accommodation Report and The REIA and REA Group State of the Rental Market report. Launching a targeted investor engagement campaign in response to the National Rental Inquiry, which successfully garnered over 5000 submissions from homeowners and investors.

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Vigorous advocacy related to the Housing Australia Future Fund focuses on ensuring the construction of adequate social and affordable accommodation by 2034. Dispelling misconceptions about renting and offering renters direct access to better information, including resources on heating and cooling options. These initiatives exemplify REIA's commitment to addressing the rental crisis through informed advocacy, research, and direct engagement with key stakeholders.

GETTING REAL 2.0 ABOUT AUSTRALIA'S HOUSING CRISIS REIA is excited to announce the launch of Getting Real 2.0, crafted to address the evolving challenges and opportunities within the real estate industry. This agenda is the culmination of thorough research and extensive consultations with industry practitioners and stakeholders, focusing on innovatively advancing the real estate sector in Australia.

ETHICS IN THE REAL ESTATE TRANSACTION Throughout 2023, trust and transparency in real estate transactions have been at the forefront, particularly with state-level reforms addressing rent bidding, reserve disclosures, and residential tenancies. While much of this falls under state jurisdiction, REIA has played a crucial role in laying the foundation for enhanced ethics and transparency within the industry. Key initiatives undertaken by REIA include:

The agenda outlines key policy priorities: Policy Priority 1 | A Home for All Australians: Dedicated to increasing housing supply to meet growing demand, ensuring affordability, and supporting first-home buyers. Policy Priority 2 | Safeguarding our Digital Domain: Emphasising the protection of the industry’s digital infrastructure and data through robust cybersecurity initiatives. Policy Priority 3 | The Sustainability Paradox: Balancing economic growth with environmental responsibility by embracing sustainable real estate practices. Policy Priority 4 | Upholding Trust in Real Estate Transactions: Aiming to enhance public confidence in real estate transactions through transparency, ethical standards, and professional integrity. Policy Priority 5 | Better Places and Spaces: Advocating for the development of liveable, sustainable, and strategically planned urban and regional environments. Through Getting Real 2.0, REIA reasserts its role as a proactive advocate for the real estate sector, driving policies that benefit practitioners, consumers, and the wider community.

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Project RE-ID: Advancing the development of a unified real estate licensing system to streamline industry standards across states. Build Skills Australia Collaboration: In partnership with the newly established Jobs and Skills Council, we are revitalising our national training package and curriculum. This initiative aims to set higher entrylevel requirements, elevating the standard of professionalism in the industry. ASQA Engagement: Working in tandem with the Australian Skills Quality Authority (ASQA) to clamp down on substandard real estate Registered Training Organisations (RTOs). This action is critical in raising entry barriers and maintaining the integrity of the real estate profession. Partnership with Governance Institute: This early collaboration focuses on a detailed analysis of the real estate sector's performance in the Ethics Index 2023. Our goal is to establish a more robust ethical baseline in 2024. Ongoing Review of National Principles of Conduct: We continue to scrutinise and refine the REIA National Principles of Conduct, ensuring they remain relevant and uphold the highest ethical standards. Our Associate and Fellowship Program also undergoes regular evaluation as part of this process. Promoting Licensing as a Key Differentiator: We are placing a strong emphasis on the importance of using licensed real estate agents for sales and property management. With 25% of rental transactions currently self-managed, we highlight the value and security that licensed professionals bring to the table. These efforts signify REIA's commitment to fostering an environment of trust, integrity, and professionalism in real estate transactions across Australia.

UNIQUE PARTNERSHIPS 2023 has been a year of significant collaborations for REIA, as we actively sought partnerships that align with our mission of REIA 2025 - to foster a united and successful real estate industry. REIA and REIP Collaboration: A landmark Memorandum of Understanding (MOU) was signed between REIA and Real Estate Industry Partners (REIP), marking a pivotal moment in our journey towards industry unity. REIA President, Hayden Groves, emphasised the MOU's potential to create a cohesive community for agents and consumers. This partnership aims to explore joint opportunities in policy development, training, operational tools, Proptech, data collection, research, and excellence programs, thereby fostering industry cohesion and effectiveness.

Partnership with the Australian Tax Office: Our ongoing engagement with the Australian Tax Office reflects our commitment to representing the real estate sector's interests in fiscal matters, ensuring our members are well-informed and compliant with the latest tax regulations and initiatives.

Expressions Australia Collaboration for Inclusive Auctioneering:

REIA CEO, Anna Neelagama and REIP CEO, Sadhana Smiles

Regional Alliance with the RAI: REIA participated in the final gathering of The National Alliance for Regionalisation at Parliament House, Canberra, hosted by the Regional Australia Institute (RAI). The focus of this alliance is to realise the Regionalisation Ambition 2032 – a visionary 10-year plan with 20 goals aimed at enhancing life in regional Australia. Key priorities for 2024 include skill development, housing, health, migration, and supporting regional energy transitions. This alliance highlights the importance of collaboration across government, industry, business, and community sectors.

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In a groundbreaking initiative, REIACT, in partnership withExpression Australia, hosted Australia's first Auslaninterpreted Auctioneering Championships. This initiative, led by REIACT CEO Maria Edwards and supported byREIA, exemplifies our commitment to inclusivity and accessibility in real estate transactions. It represents a significant step towards empowering the Deaf and hardof-hearing community to participate fully in property auctions. These partnerships, each unique in their focus and impact, demonstrate REIA's dedication to embracing innovative approaches and inclusivity, thereby strengthening the real estate industry for all stakeholders.

RECOGNISED AUTHORITY Project CRE: Amplifying Support for Commercial Real Estate REIA, while primarily focused on the $10.1 trillion residential real estate sector, acknowledges the evolving needs of the commercial and industrial real estate domains. In 2023, our Project CRE, in collaboration with our partner Re-Leased, made significant strides in supporting these sectors. Through this initiative, we successfully delivered: 1. Three Major Reports: These reports provided indepth insights and analyses, equipping commercial real estate practitioners with the latest market trends and data. 2. Two Major Events: These events fostered engagement, knowledge sharing, and networking opportunities for professionals in the commercial real estate sector, helping them stay ahead in a dynamic market.

Safeguarding Our Digital Domain In an era where digital security is paramount, REIA and our Real Estate Institutes have been diligently working to protect our digital domain. This encompasses vital areas such as cybersecurity, privacy, artificial intelligence (AI), and anti-money laundering (AML) practices. Our efforts ensure that the Australian clients and consumers we serve are operating in a secure and trustworthy digital environment. These initiatives are a testament to our commitment to advancing the safety and integrity of the real estate industry's digital landscape.

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Research & Evidence

Evidence-based approaches are fundamental to sound decision-making. At REIA, we take pride in our research being highly valued and sought after by major financial and economic institutions. This includes the Reserve Bank of Australia, the Australian Prudential Regulation Authority (APRA), all of Australia's Treasurers, bonds boards, numerous banks, and leading economists.

Our commitment to delivering robust, data-driven insights plays a crucial role in shaping the Australian real estate sector's landscape. 31

A YEAR IN REVIEW 2023

8 Market Reports

Quarterly REIA Housing Affordability Report A summary of our latest report released in September.

Housing Affordability National income proportion for loan repayments rose to 45.9%. Slight quarterly increase of 0.9 percentage points in the income proportion for loan repayments. A decline in housing affordability for mortgage holders in all areas except Victoria. Mortgage affordability ranked highest in New South Wales at 56%, followed by Victoria (46.5%), and lowest in the Northern Territory (34.4%).

Rental Affordability National income proportion for meeting median rent rose by 0.3 percentage points to 23.3%. Tasmania is the least affordable state for renting, with a 27.3% rent-to-income ratio. Rental affordability declined in larger states but improved in others.

Regional Differences The ACT experienced the smallest decline in affordability; the Northern Territory had the largest. Victoria saw an improvement in mortgage affordability.

Market Interventions National Cabinet rejected proposals for rent freezes and controls. Rental affordability did not significantly worsen over the quarter.

First Home Buyers The number of first home buyers rose to 24,768, a 17.1% quarterly increase but a 15.0% annual decrease. Average loan size for first home buyers nationally increased to $492,587, up 2.6% for the quarter and 2.7% annually.

Historical Context

Housing Affordability Report

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Over 20 years, housing affordability has declined by 13.6%, and by 12.4% over the past 10 years. Rental affordability has seen a minor decrease of 1.3% over 20 years and only 0.5% over the past five years.

Quarterly REIA Real Estate Market Facts A summary of our latest report released in September.

Home Sales Weighted average median house price for the eight capital cities rose to $977,236 over the quarter. Annual decline of 3.4% in median house prices.

Rents 3-bedroom dwellings saw a rent increase of 3.2% quarterly and 9.9% annually. 2-bedroom dwellings experienced a 3.6% quarterly and 18.7% annual rent increase. Weighted average median rent for 3-bedroom houses in capital cities is now $553 per week. Median rent for 2-bedroom dwellings is $563 per week.

Vacancy Rates Increase in vacancy rates in all capital cities except Melbourne over the quarter. Darwin returned to a 3% vacancy rate, the highest among the capitals. Adelaide recorded the lowest vacancy rate at 0.6%.

Investment Yields Annual yields for 3-bedroom houses range from 1.8% in Sydney to 4.5% in Darwin. Stronger annual yields for 2-bedroom dwellings, with Perth at 5.3% and Darwin at 5.0%.

Regional Real Estate Home sales and rent movements vary across regions. Notable home sale changes include Broome (+7%) and Wollongong (-8.3%). Significant rental growth in regional areas such as Newcastle (2-bedroom homes up 8%) and Broome (3-bedroom homes up 28.2%).

Economic and Policy Context Housing policy settings are crucial amid continuous market growth. National Cabinet rejects rent freezes and controls. Inflation within RBA’s target band; cash rate steady. Anticipation of moderated housing system pressures with the passing of the Housing Australia Future Fund.

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Real Estate Market Facts

5 Thought Leadership Reports

These reports offer pivotal insights on the pressing issues shaping the landscape for Australia’s real estate practitioners. REIA State of the Market: Australian Rental Properties 2023 sponsored by REA Group The report explores the Australian rental property market, detailing a tight market with historically low vacancy rates and rising rents, alongside significant growth in property investors since 1980. It also highlights the increasing profitability for property investors, with the majority of sales during the pandemic yielding substantial profits, reflecting the robust demand and surging prices in the sector.

REIA State of the Market: Australian Rental Properties 2023 sponsored by REA Group

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REIA Short Stay Accommodation Report sponsored by Terri Scheer REIA's latest report reveals a 22.8% surge in short-stay accommodation offerings amid Australia's deepening rental crisis, with 133,968 available spots potentially easing the forecast dwelling shortage. However, this boom in short-term rentals, particularly on the eastern coast, is exacerbating the rental shortage, as properties flip between serving tourism demands and long-term housing needs.

REIA Commercial Real Estate Sustainability Report 2023 sponsored by Re-Leased

REIA Short Stay Accommodation Report sponsored by Terri Scheer

The report delves into the transformative role of sustainability in the Australian commercial property sector, focusing on strategies for addressing the environmental impact of commercial real estate. It emphasises the growing importance of eco-friendly practices in property design, construction, and operation, reflecting a shift towards a more sustainable and responsible approach in the face of global environmental challenges.

REIA End of Financial Year Economic Outlook for Commercial Real Estate The report offers an in-depth analysis of the Australian commercial property sector, highlighting the influence of inflation and interest rates on investment trends, occupancy rates, and the evolving nature of office and retail spaces within the economic context of 2023-2024. It underlines the need for adaptability and innovation within the industry in response to these challenges and opportunities. REIA Commercial Real Estate Sustainability Report 2023 sponsored by Re-Leased

REIA End of Financial Year Economic Outlook for Commercial Real Estate

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REIA State of the Industry Report 2022 - Commercial Real Estate sponsored by Re-Leased The report identifies key structural considerations for commercial practitioners, such as regional migration, sustainability, monetary policy, construction costs, supply, automation, and technology, in the context of the postCOVID-19 environment marked by high inflation and interest rates. The report emphasises the sector's critical juncture and the need for data and evidence to guide future strategies, highlighting the importance of adaptability and innovation for success in this rapidly evolving landscape.

REIA State of the Industry Report 2022 - Commercial Real Estate sponsored by Re-Leased

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Media & Digital Advocacy As we reflect on REIA's media presence in the past year, the impact and breadth of our coverage have been remarkable. The total value of our coverage across online, print, and broadcast media amounted to $6,485,374. Notably, over half of this was in highly-valued print media, followed by significant representation on digital platforms and in broadcast media. Our proactive media engagement resulted in a total of 4,516 media hits, reaching an audience of 231 million. This year, the scope of our coverage expanded significantly. We are featured in prominent national publications like The Australian, key state newspapers, and on ABC. Other media outlets such as The Guardian, AAP, and SBS frequently sought out REIA's balanced and informed commentary, leading to several features over the years.

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This broad coverage underlines REIA's status as a trusted and authoritative voice in the real estate sector.

SBS News

The Canberra Times

The Australian

ABC News

Illawara Mercury

7 News

Canberra Daily

Join the conversation in 2024 Follow REIA on social media @REIAustralia @reiaustralia

@REIANational

Real Estate Institute of Australia

REIA’s social media is our direct line to members, government, industry, and stakeholders. We provide information, show our work and ask for your collaboration, as we build our REIA online community. We connect with 17,106 on social media, as well as another 6,186 who subscribe to our e-news.

We now reach a community of over 23,000 and are growing strong:

Platform

Dec 2022

Now

Instagram

1931

2533

1626

5085

Facebook

4000

4300

5184

5188

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AUDIENCE TOP PICKS

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Best Practice and Industry Excellence

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AWARD

REIA NAFE + AUSTROS

ACCREDIT

REIA Associateship & Fellowship

CONDUCT

REIA National Principles of Conduct

Best Practice & Industry Excellence

Real Estate Institute Members

NATIONAL PRINCIPLES OF CONDUCT REIA administers the REIA National Principles of Conduct. These underpin all State and Territory Institute member's training programs, codes of conduct, and the REIA awards and accreditation programs. The REIA National Principles of Conduct require agents to act in the best interests of their clients and per their instructions (except where it would be unreasonable or improper to do so) and to act ethically, fairly and honestly when dealing with all parties. The REIA National Principles of Conduct are currently under review.

A YEAR IN REVIEW 2023

REIA National Principles of Conduct

REIA NATIONAL AWARDS FOR EXCELLENCE 2023 The 18th REIA National Awards for Excellence, cohosted by REIWA, was a standout event in the Australian real estate calendar in 2023. Held at Perth's Crown Ballroom on 9th March, the awards celebrated the crème de la crème of the industry, recognising outstanding agents, property managers, and businesses across the nation. Finalists from across Australia competed in 21 diverse categories, reflecting excellence in residential and commercial sectors, sales and leasing, buyer’s agents, community service, innovation, communications, and property management. This year's NAFE was not just a testament to sales achievements but also to the values, community engagement, and industry contributions that define excellence in real estate. REIA President Hayden Groves summed it up perfectly, “To be a finalist in NAFE 2023 means you're demonstrating excellence in every aspect of real estate practice, from team performance to community involvement and customer service.” A full list of the winners can be viewed here.

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AUSTRALASIAN AUCTIONEERING CHAMPIONSHIP 2023 In 2023, the Australasian Auctioneering Championships (AUSTROS) saw Ned Allison from Grenadier Real Estate Ltd in Christchurch, New Zealand, triumph as the top auctioneer in Australasia. The AUSTROS, a collaborative event between REIA and the Real Estate Institute of New Zealand (REINZ), is celebrated as the most prestigious event in the Australasian auctioneering calendar. National competitions held by REINZ and the Australian state and territory Real Estate Institutes select their best two auctioneers to compete in the AUSTROS. The event rotates hosting duties among the Australian states and territories and New Zealand, which hosts every four years. This year's AUSTROS took place at the Q Theatre in Auckland, New Zealand, where Ned Allison emerged victorious after a competitive showcase with finalists from both Australia and New Zealand. The event concluded with an awards dinner, celebrating the excellence and spirit of the auctioneers and the real estate industry at large.

A YEAR IN REVIEW 2023

REIA ASSOCIATES AND FELLOWS Since the 1960s, the Associateship (AREA) and Fellowship (FREI) accreditations by the REIA have stood as symbols of prestige and professional recognition in the real estate sector. These accolades are awarded to those who demonstrate outstanding community and industry contributions, a commitment to advancing best practices in real estate, and an unwavering pursuit of excellence within the Australian real estate industry.

2023 Recipients of the AREI

To ensure these awards reflect contemporary standards, a review of the AREI and FREI accreditations were conducted this year. The objective was to update and align the criteria with the current ethical practices in real estate, reinforcing the integrity and relevance of this esteemed industry recognition for years to come.

2023 Recipient of the FREI

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1. Eduard van Pamelen 2. Jacob Caine 3. Leah Calnan

1. Bernard Corse

ACCREDITATION STATISTICS:

Associate There have been 2,852 AREIs issued since 1962 There have been 2,686 male Associates and 119 female Associates

AREIs issued by State ACT: 73 NSW: 897 NT: 27 QLD: 255 SA: 444 TAS: 103 VIC: 890 WA: 55 Misc.: 106

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Fellows There have been 714 Fellowships issued since 1969 There have been 696 male Fellows and 18 female Fellows

FREIs issued by State ACT: 14 NSW: 242 NT: 10 QLD: 35 SA: 132 TAS: 26 VIC: 206 WA: 48 Misc.: 2

REIA Wall of Honour

We are proud to recognise and celebrate the outstanding achievements and contributions made to the real estate industry. We are pleased to invite visitors to view the REIA Wall of Honour, prominently displayed at Real Estate House in Canberra. This wall serves as a lasting tribute to the following exceptional individuals.

A YEAR IN REVIEW 2023

REIA NATIONAL AWARDS FOR EXCELLENCE HALL OF FAME 2009

Toop & Toop Real Estate

Innovation

2011

ACT

Independent Property Group

Large Residential Agency

2011

ACT

Independent Property Group

Communications

2011

QLD

Sissons Estate Agents

Small Residential Agency

2015

QLD

Simon Pressley – Propertyology

Buyers’ Agent

2017

VIC

CBRE Victoria

Commercial Agency

2018

Toop & Toop Real Estate

Communications

2018

Kent Cliffe – Momentum Wealth Properties

Buyer’s Agent

2020

Toop & Toop Real Estate

Large Residential Agency

REAL ESTATE INSTITUTE OF AUSTRALIA PRESIDENTS The Associated Real Estate Institutes and Associations of Australia 1924-1927

G.T. Lane

1927-1928

QLD

James Love

The Associated Real Estate Institutes and Agents’ Associations of Australia

1928-1938

NSW

Hon.H.M. Hawkins

1939-1943

VIC

Frank K. Sampson

1943-1947

VIC

Charles H. Beauchamp

1947-1956

NSW

Lyle H. Moore CBE

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The Real Estate and Stock Institute of Australia 1956-1959

QLD

R.S. Melloy

1959-1962

VIC

G.G. Morley

1962-1964

NSW

S.B. Dawson

1964-1967

C.G.Dudley CBE

1967-1969

QLD

F.L. Olsen

1969-1971

TAS

R.G. Blundstone OBE

1971-1973

NSW

Woodrow Weight OBE

1973-1975

J.T. Lang

The Real Estate Institute of Australia

1975-1977

VIC

Frank J. Sheehan OBE

1977-1978

TAS

J.F. Martin

1978-1980

NSW

S.F.N. Hickson AM

1980-1981

T. Bruce

1981-1982

NSW

R.W. Frewin

1982-1984

VIC

Malcolm Gray AM

1984-1986

Kevin J. Sullivan OAM

1986-1988

VIC

E.J.K. Callaghan

1988-1990

TAS

Bill Woolcock

1990-1992

QLD

Tom Nugent

1992-1993

ACT

Grahame Werrell

1993-1994

NSW

John Greig AM

1994-1995

Gary Taplin

1995-1996

TAS

Phillip Bushby

1996-1997

VIC

Donald Brindley

1997-1999

John Franklyn

1999-2000

NSW

Stephen Francis

2000-2001

VIC

Kevin Sheehan

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2001-2002

QLD

Michael Davoren

2002-2003

NSW

John Hill

2003-2004

Kareena Ballard AM

2004-2005

TAS

Ian Wells

2005-2006

NSW

Tony Brasier

2006-2007

Graham Joyce

2007-2009

VIC

Noel Dyett

2009-2011

David Airey

2011-2012

QLD

Pamela Bennett

2012-2014

TAS

Peter Bushby

2014-2016

VIC

Neville Sanders

2016-2018

NSW

Malcolm Gunning

2018-2021

TAS

Adrian Kelly

2021-2023

Hayden Groves

AUSTRALASIAN REAL ESTATE INSTITUTE AUCTIONEERING CHAMPIONSHIPS

1993

Michael Brock

1995

VIC

Peter Batrouney

1997

VIC

Peter Hawkins

1999

NSW

John McGrath

2001

VIC

Michael McCarthy

2003

VIC

Peter Kakos

2005

VIC

Justin Long

2006

NSW

Scott Kennedy-Green

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2007

Mark Sumich

2008

Mark Sumich

2009

Phil McGoldrick

2010

QLD

Jason Andrew

2011

Mark Sumich

2012

Daniel Coulson

2013

Daniel Coulson

2014

Andrew North

2015

VIC

Harry Li

2016

QLD

Justin Nickerson

2017

QLD

Justin Nickerson

2018

Andrew North

2019

QLD

Justin Nickerson

2022

NSW

Clarence White

2023

Ned Ellison

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National Property Managers Day

On the 21st of July, the REIA celebrated National Property Managers Day, honouring the indispensable role of Residential and Commercial Property Managers in Australia. The day's significance was amplified by Kristy Copping's recognition as Residential Property Manager of the Year at the REIA 2023 National Awards for Excellence earlier in the year. Kristy, a Director at Perth Property Management, stands out for her commitment to strong relationships with property owners and tenants. She emphasises a ‘relationship management’ approach, particularly when navigating sensitive issues like rent increases. Her transparent communication and incremental strategies in rent adjustment reflect a dedication to trust and empathy, hallmarks of her team's success. National Property Managers Day is a salute to the professionals who expertly balance the human and business aspects of property management, ensuring the vitality and integrity of the industry.

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Performance and Governance

In our role as a small not-for-profit organisation, REIA has consistently demonstrated a commitment to prudent financial stewardship, aligning its budgeting practices with the core principle of delivering exceptional value for money. This commitment is represented in the modest annual cost to agencies that are Member Institutes of REIA. As of December 2023, this fee stands at only $148 per year, equating to $2.85 per week. This economical rate is a testament to REIA's dedication to making its resources and support accessible to a broad range of industry professionals, without compromising on the quality of services offered. The financial year ending in 2023 marked a significant milestone for REIA, as we not only met but also exceeded all our targeted objectives. This accomplishment is further bolstered by the achievement of an unqualified audit result, a clear indicator of our rigorous adherence to best practices in financial governance and transparency.

At REIA, we are dedicated to upholding these high standards of performance and governance, continuing our tradition of providing outstanding value while driving forward the interests and success of our members in the real estate industry. 56

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CONSTITUTIONAL REVIEW REIA over 2023 worked to modernise our Constitution to ensure our mandate and our governance remain best practice to ultimately benefit our members. This included multiple workshops, drafting reviews and consideration of what the best model for REIA is moving forward into our next strategic plan in 2025.

REIA Finance, Risk and Audit Committee 2022

Richard Simpson Chair

Hayden Groves Committee Member (Ex Officio)

Damian Collins Committee Member

Leanne Pilkington Committee Member

“Since 2016, REIA has undertaken an ongoing review of our operations and strategy and 2023 was a culmination of much of this work. This included a Constitutional Review, an ongoing Incremental Governance review, the finalisation of a strategic review and renovation of Real Estate House and maintaining member fees at <$3 per week per member agency. We also revised our risk appetite in line with broader global conditions as a small not-for-profit.” Richard Simpson Chair, REIA Finance, Risk and Audit Committee Chair

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THE FINAL WORD Helping Australians into homes is our business in real estate. As your national institute, we are committed to delivering tangible, achievable, and community-centric policies for helping Australians into homes. Through our REIA 2025 strategy and national property management strategic action, we are here to lead best practices in the industry, all while achieving the united goal of tackling our nation’s worsening housing crisis. Our focus for 2024 is achieving key deliverables through REIA 2025 and together, Advancing Australia’s Prosperity. We welcome your comments and feedback on 2023: A Year In Review, please send your enquiries to reia@reia.com.au

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AFFILIATES AND PARTNERS REIA thanks our ongoing affiliate members, partners, allies, media partners and sponsors for their continued support of REIA.

REIA 2025 Partners

Alliances Parliamentary Friendship Group for Better Cities

Business Coalition for Tax Reform

Founding Member

Media

International Alliances

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@REIAustralia

@REIANational

@reiaustralia

Real Estate Institute of Australia