AS the housing crisis continues to worsen, with rising numbers of homeless or displaced residents seen across the city and rental affordability plunging to record lows, a new initiative has been introduced by the State Government.
According to the 10th annual National Shelter Economics and Planning Rental Affordability Index released last week, Sydney, Melbourne, Brisbane, Perth, and Adelaide all recorded their worst affordability scores since the index began in 2014.
Regional Queensland, including Ipswich also hit record lows.
In a step to help combat the housing crisis and assist with the hit to rent affordability, the Crisafulli State Government has announced it will permanently lift restrictions on home owners renting rooms.
The change will help ease record low vacancy rates and help boost affordability for first buyers, delivering on a key commitment of the newly elected Government’s 100 Day Plan.
The Crisafulli Government has boosted affordability for first home buyers, moving to permanently allow home buyers to rent out a room from day one without losing grants and concessions.
In a move to boost participation numbers, home owners will not lose concessions and grants by taking part in the initiative.
Under the previous Labor Government, Queenslanders who received stamp duty concessions and grants were not legally able to sublet their property in the first year of ownership.
The policy is part of the new government’s Securing our Housing Foundations Plan, which also includes abolishing stamp duty on all new builds for first home buyers.
Queensland Treasurer and Minister for Home Ownership David Janetzki said boosting affordability and supply was a priority for the Government.
“The Government is making it easier for young Queenslanders to get into their first home, by permanently removing the restrictions that prevent first buyers from renting out a room in the first year,”
Mr Janetzki said. “Treasury modelling shows this will permanently unlock restrictions on 20,000 Queenslanders a year.
“This helps make home ownership more affordable, helping young Queenslanders to get their foot on the property ladder.
“Renters have also seen their weekly rents climb due to plummeting supply, rising more than 17% in Brisbane in just the last two years.
“Our common-sense plan to boost affordability and supply will stem the tide by providing more housing options for Queenslanders.”
