REIQ commends bigger boost to home ownership

The Real Estate Institute of Queensland (REIQ) says the State Opposition’s plan to boost Queensland’s lagging home ownership levels would bring benefits for buyers and renters.

REIQ CEO Antonia Mercorella said the multifaceted housing plan put forward by the LNP in its first major policy move, demonstrated a strong focus on increasing housing supply and assisting aspiring homeowners.

“The REIQ commends this suite of initiatives focused on a much-needed boost to home ownership levels in Queensland,” Ms Mercorella said.

“We welcome the move to stamp out stamp duty for first home buyers of new builds. This is a promising first step towards the REIQ’s long-held vision of seeing stamp duty abolished across all property transactions.

“While it’s welcome news that the LNP will match the raised $700,000 first home buyer stamp duty concession threshold, we want to see this threshold amount varied to reflect median house prices in different markets.

“Removing the restrictions on renting out unutilised rooms for first home buyers receiving concessions is a firmly held position of ours and a no-brainer benefiting both buyers and renters.

“Introducing a state-level shared equity scheme to support 1,000 people with as little as 2% savings, aligns with what the REIQ asked for at the recent Help to Buy Parliamentary Committee hearing. This will help some renters clear the hurdle of having to come up with a hefty 20% deposit and could knock years off home buying timelines.”

Ms Mercorella said that on the housing supply side, the Opposition had seized on some innovative ideas and opportunities.

“Using charity and church-owned land to build social housing is an example of the kind of ‘no stones left unturned’ approach we need to be taking to move off the dime,” she said.

“This idea was first proposed at the Housing Summit and we commend Catholic Housing and St Vincents for moving forward with their plan.

“A new ministerial taskforce to ensure Government agencies stay up to speed on major housing developments is welcome and in line with community expectations.

“Perhaps the most refreshing part of the plan, is seeing tangible targets being committed to in terms of housing approvals, that are easy to review against monthly ABS data.”

Ms Mercorella said while housing plans had now formed the centrepiece for both parties’ campaigns, there was still an elephant in the room.

“It’s disappointing that neither party has committed to wholesale stamp duty reform when we need to be pulling every lever,” she said.

“In an election year, all political parties are looking for a win, but the recent housing reforms announced by both sides will see the Queensland community come out the winners.”

Media enquiries: Claire Ryan, REIQ Media Manager, M: 0417 623 723 E: media@reiq.com.au

Read another media release: Its not all sweet for housing in State Budget mixed goodie bag.

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