CONTRIBUTED BY THE REAL ESTATE INSTITUTE OF QLD (REIQ)
The state peak body for real estate professionals, the Real Estate Institute of Queensland (REIQ) has welcomed the wide range of initiatives announced in the Federal Budget which puts housing front and centre of the national agenda.
REIQ CEO Antonia Mercorella said the Budget demonstrated a clear commitment to collaboration and an encouraging focus on addressing the supply issues at the heart of the crisis.
“The REIQ has always acknowledged that we can’t rely on just one level of government to tackle housing affordability and address the serious housing supply shortage we face,” Ms Mercorella said.
“That’s why this budget, which includes buy-in from all levels of government on planning reform and housing targets, funds to accelerate the delivery of more social and affordable housing supply, support for pathways to ownership, incentives to downsize, and innovative ways to encourage institutional investment in developments, is incredibly encouraging.
“These initiatives complement the Queensland State Government’s Housing Investment Fund for new housing supply, and it’s great to see both state and federal governments are unified in their commitment to solve housing supply and affordability issues.
“We desperately need more housing in Queensland, due to pressures such as decreased household population, with the average household now sitting at only 2.5 persons per dwelling.
“Concerningly, it’s also been identified that our state has a shrinking rental pool, with 55,000 fewer properties on the permanent rental market than the historical trend projected, as well as reduced listings on the sales market.
“This shortfall tells us that there has never been a more important time to encourage and recognise the critical role private investors play in housing Queenslanders – with around 36% of people living in our state renting their homes, and the vast majority of that housing provided by mum and dad investors.”
Ms Mercorella said the REIQ welcomed the establishment of the National Housing Supply and Affordability Council to review barriers to institutional investment and innovative financing models, and independently advise the Government on housing policy.
“At the Housing Summit, the REIQ took the opportunity to advocate for innovative ways to deliver increased housing supply, such as amending taxation rules to stimulate build-to-rent developments – specifically with vulnerable groups in mind,” she said.
“We believe there’s a real appetite for more build-to-rent in our community – we all recognise that it’s a model that would offer more certainty for our state’s large renting population.
“However, in order to deliver increased housing supply to those who need it most, we urge the State and Local Governments to work with the Federal Government to ensure that the right settings and policies are in place to facilitate these much-needed developments.”
