
First home buyers in Queensland will soon be able to rent out spare rooms within their first year of ownership without forfeiting government concessions or grants.
The Real Estate Institute of Queensland (REIQ) initiated the proposal which aims to help ease housing affordability pressures and boost rental supply.
Around 21,000 first home buyers each year were previously restricted from leasing rooms in their first 12 months of ownership.
REIQ CEO Antonia Mercorella said even a modest uptake could meaningfully impact rental availability.
“This initiative is a win-win for both homeowners and renters in Queensland, and we are proud to have instigated this common-sense change,” Mercorella said.
The industry body will discuss the Revenue Legislation Amendment Bill 2024 at a public hearing on January 23.
Mercorella urged the state government to consider expanding the initiative to target underutilised properties, such as empty nesters with spare rooms.
She called for clear guidance on tax implications, insurance and contracts to help homeowners understand their obligations.
“We understand that homeowners are concerned about potential capital gains tax and land tax implications, and we encourage the Government to explore the possibility of exemptions or other measures to ease these concerns in these circumstances and boost participation,” she said.
The REIQ advocated for removing rental restrictions as part of its election policy recommendations.