API ACT President’s Message

Paul Powderly, President of the API ACT Division, discusses recent activity in the Territory, updates on government and news from the Institute

It’s great to deliver this newsletter to the membership of the API in the nation’s capital. Since May this year, a lot has been happening in Canberra and the property market has shown some signs of improvement in areas.

The new Government has been on the job for 12 months and with a hostile Senate the budget will not pass in its current form. This could result in further Commonwealth job losses and more spending cuts.

I mentioned in May the announcement by the Commonwealth Government to close the Australian Valuation Office, which has operated for 100 years. It’s extremely disappointing and our support went out to our members who lost their jobs. Several AVO employees are part of a newly formed team within the ACT Government.

The belt-tightening of the Commonwealth Government and budget announcements in May forced the ACT Government to respond and provide stimulus to the ACT economy in an attempt to drive activity. Changes implemented include commence and complete extension fees, the Lease Variation Charge System, increased infrastructure works and lowering of stamp duty. These changes and more will deliver increased confidence and market activity.

The most recent stimulus will come from the announcements around the Mr Fluffy loose fill asbestos affected homes and the program to buy back and demolish up to 1000 dwellings. This will result in increased construction activity and sales in 2015. These are explained in more detail later in this edition.

Our focus for 2015 and beyond, at an ACT Divisional level, is to increase membership and continue delivering an engaging CPD Program.

We’ve had good feedback from the membership on our CPD program and we understand how critical it is to deliver improved services and value for money for our members and their guests.

The year 2015 is set to be a busy for our membership and the industry. Thank you for your ongoing support and Merry Christmas.

Paul Powderly ACT President