MAKING the dream of home ownership a reality for more Queenslanders is the overarching aim of the State Election policy suite launched by the Real Estate Institute of Queensland (REIQ).
From stamp duty reform, incentives to free up housing stock, through to removing barries to supply, the REIQ’s vision is to take Queensland to the top of the home ownership table by 2032.
REIQ CEO Antonia Mercorella said the peak body’s policy paper Levelling the playing field called on all political parties to rebuild the pathways to home ownership in Queensland.
“The REIQ is advocating for an overall target of a home ownership rate of greater than 70 per cent for Queensland by 2032,” Ms Mercorella said.
“Our policies are designed to enable home ownership and ease rental pressures while maintaining Queensland’s reputation as a place for property investment.
“There are some significant hurdles to home ownership that feel insurmountable to many aspiring home buyers, meaning that would-be buyers are renting for longer.
“We know two of the key obstacles standing in the way are coming up with the 20 per cent deposit to avoid lenders mortgage insurance, and stamp duty payable at the outset.
“We’ve proposed three options for the Queensland Government to help close the deposit gap, including expanding and relaxing eligibility for loan schemes or acting as guarantor.”
Ms Mercorella said helping first home buyers struggling to get into the market and older Queenslanders wishing to downsize would be just the beginning if the REIQ was granted its state election wish list.
“While we have widespread stamp duty reform in our sights, we would like to see concessions extended for first home buyers and downsizers in the meantime,” she said.
“Historically, we’ve seen an unwillingness by governments to address the tax ecosystem, but now is the time for the State Government to negotiate a better GST outcome with the Federal Government in return for stamp duty reform.
“We’d like to see the First Homeowner Grant extended for use on established housing in regional Queensland where new builds have largely ceased, and for renovations on currently unliveable properties across the state which would revive much-needed stock.”
Ms Mercorella said reversing poorly drafted rental legislation and extending tax incentives to all investors were key pillars in the peak body’s policy recommendations.
“Queensland’s high rental population is largely housed by small private investors, yet they’ve been subjected to five phases of increasingly complex changes to rental regulation,” she said.
“These reforms were focused on providing protection and security for tenants but are largely impractical and unnecessary.
“They have not been balanced with incentives to encourage investment by everyday Queenslanders, like we’ve seen the Government extending to multinational investors.”
Ms Mercorella said the peak body was looking for the State Government to lift handbrakes evident in local councils’ planning approval processes to help fix our dwelling shortfall.
“Councils need set building approval targets and be incentivised to boost supply by linking these to State Government infrastructure grant funds,” she said.
“Along with heritage controls, there are several complex controls and overlays that make construction of medium density challenging.”
She said improving productivity and the affordability of constructing new dwellings was also imperative to solving the construction emergency.
“To reduce our elevated construction costs, we need to build the labour pipeline with construction industry apprenticeships, revise BPIC procurement requirements without sacrificing worker safety, and incentivise the private sector to adopt modern methods of construction.”
Ms Mercorella said the REIQ was proud to propose these policies which promote a fair and balanced housing system that provides the most efficient manner for all Queenslanders to access housing.
Now only three months out from the polls, the REIQ will be following up its policy wish list with each of the major parties in the lead-up to the October election.
REIQ ELECTION POLICY PAPER – LEVELLING THE PLAYING FIELD
The REIQ’s State Election policies aim to stabilise the housing sector and promote a balanced marketplace by addressing the state’s tax ecosystem, regulatory environment, and productivity standards, with solutions proposed under six pillars:
- Addressing the Home Ownership Crisis
- First Homeowner Grant Reform
- Closing the Deposit Gap
- Balancing the Rental Market
- Housing Supply Reform
- Resolving the Construction Emergency
