The Real Estate Institute of Queensland (REIQ) has welcomed the State LNP’s plan to improve home ownership rates through tax relief, incentives and unlocking new supply.
REIQ CEO Antonia Mercorella said it had long been the policy position of the REIQ that home ownership levels were too low across the state.
“The REIQ welcomes the commitment of the LNP to increase the levels of home ownership in Queensland,” Mercorella said.
“Owning a home has become unattainable for many over the last 20 years in particular – with barely one in three Queenslanders aged 25-34 owning their own property.
“Queensland sustains a rental population that is higher than the national average at 36 per cent which has been on the rise for some time now.
“We recognise that there is a generation of people out there who are watching the pace of the market and feeling disillusioned and concerned about being priced out.
“For those of us who have young adult children who are looking to buy their first home, I think it’s becoming increasingly difficult to convince them that home ownership is in fact an achievable and attainable goal.
“While home ownership targets are welcome, we would hope to see some detail shortly to ensure they are met.”
Mercorella said the REIQ also welcomed the addition of ‘home ownership’ to the Treasury Portfolio.
“Stamp duty thresholds have remained static for over a decade and First Homebuilders Grants rarely apply to the regions,” she said.
“All this while the stamp duty revenue taken by the state has almost tripled in that time.
“Residential property is worth $1.7tn in Queensland and it is time that it got its own area of focus in Government. We are excited to work with the new shadow portfolio on developing a suite of innovative policies that provide opportunities for younger Queenslanders to get on the property ladder sooner.”