No long-term housing plan REIQ critical of government’s failure to boost dwelling supply across the state

l STATE BUDGET

QUEENSLANDERS struggling to get a foot on the property ladder or find sustainable shelter for their family will find little hope in the 202324 Queensland State Budget, which lacks a long-term housing plan, according to the Real Estate Institute of Queensland (REIQ).

REIQ chief executive officer Antonia Mercorella said, while the short-term handouts would be welcome reprieve, the budget was a missed opportunity to plan and reshape Queensland to be ready for future growth and opportunity.

“For the past week, Queenslanders have been told to keep an eye on the budget for the answers they seek about housing relief,” she said.

“With Tuesday’s budget, their escalating cost-of-living demands have been tempered with some much-needed support, but the elephant in the room remains around how Queensland will adequately boost its housing supply.”

Ms Mercorella welcomed the formalisation of the incentives previously announced for the build-to-rent sector.

“The REIQ have been advocates for incentivising buildto-rent schemes in Queensland as a way to complement the traditional private housing investor and to help ease the pressures of the rental crisis,” she said.

“It’s particularly pleasing to see the flexibility extended to ensure the developments are mixed use, however questions remain around the compliance requirements and the definition of ‘affordable housing’.

“We also note that the incentives provided to large institutional investors are at direct odds with the way small investors are treated. This puts the future drivers of housing supply at risk if a majority of resources are directed towards build-to-rent projects.

“We need diversity of housing to meet the ever-changing demands of Queensland’s growing population, so we need to be encouraging investment in all types of housing.”

Ms Mercorella said increased rental rebates for lowincome families and individuals and the concessions to ease cost of living pressures were welcome announcements, particularly with the cessation of NRAS.

“The continued Government Managed Housing Rental Rebate and new electricity Cost of Living Rebates will provide reprieve for Queenslanders doing it tough,” she said.

“However, social housing funding still remains dreadfully deficient with expenditure on social housing in this budget 75 per cent below historical averages, which puts Queensland dead last in the country.

“Sadly, there are no incentives to meaningfully boost supply and increase the current rate of build, while we face a continued shortfall and a 50,000-waitlist growing longer by the day – all at a time when government seems intent on reducing private housing supply.”

Ms Mercorella said this year’s budget had missed a valuable opportunity to reform property tax.

“Stamp duty significantly hinders home ownership, discourages housing turnover, and restricts mobility, and its abolishment would open doors in Queensland for many,” she said.

“The windfall from coal royalties gave the Government the opportunity to scrap stamp duty and move to a long-term, broad-based land tax.

“Taxes from property have doubled over the last decade, hitting property investors who provide the vast majority of housing for Queenslanders who rent their homes.

“With the government expecting to raise $31 billion over the next four years from the property sector, it’s disappointing that there’s no relief in sight for property investors.”

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