LNP housing plan a promising boost for home ownership in Queensland, says REIQ

The Real Estate Institute of Queensland (REIQ) has commended the State Opposition’s multifaceted housing plan, saying it would bring benefits for both buyers and renters by focusing on increasing housing supply and assisting aspiring homeowners.

REIQ CEO Antonia 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 welcoming the LNP’s commitment to match the raised $700,000 first home buyer stamp duty concession threshold, Ms Mercorella said the REIQ wanted to see the threshold amount varied to reflect median house prices in different markets.

She also praised the LNP’s plan to remove restrictions on renting out unutilised rooms for first home buyers receiving concessions, calling it a “no-brainer benefiting both buyers and renters.”

The introduction of a state-level shared equity scheme to support 1,000 people with as little as 2% savings was also welcomed by the REIQ, with Ms Mercorella saying it aligned with what the institute had asked for at a recent Help to Buy Parliamentary Committee hearing.

On the housing supply side, Ms Mercorella said the Opposition had seized on some innovative ideas and opportunities, such as using charity and church-owned land to build social housing and establishing a new ministerial taskforce to ensure Government agencies stay up to speed on major housing developments.

“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,” she said.

However, Ms Mercorella expressed disappointment that neither party had committed to wholesale stamp duty reform, saying “we need to be pulling every lever.”

“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,” she said.