In a bid to help ease the ongoing housing crisis, the Queensland Government will fund the construction of a further 92 social and affordable homes.
Funded through the $2 billion Housing Investment Fund, the project will deliver 46 new social housing units and 46 new affordable housing units in Chermside.
Construction on the new 92-unit development is set to begin later this year and with tenants expected to move in from mid-2025.
The development is the fourth project to be announced through the Housing Investment Fund in partnership with BHC and QIC, including another 34-unit project being constructed in Chermside, and a proposed development of up to 81 units in Woolloongabba.
Member for Stafford Jimmy Sullivan said the homes would be available to those who need them most.
“It’s great to see another project underway here in Chermside being funded through the Housing Investment Fund,” Mr Sullivan said.
“These homes are located centrally to public transport, the Prince Charles Hospital, health facilities and shopping, including the Westfield Chermside shopping centre.
“These homes will provide housing for households from the social housing register here in Chermside and housing for local lower-income workers who are employed in the nearby retail, health and administrative services precincts.
“Construction will also provide a boost to the local economy during construction supporting 95 full-time equivalent construction jobs.”
To date, more than 1600 social and affordable homes have been approved for funding under the Housing Investment Fund.
The units are among 5600 new social and affordable homes to be delivered, in construction or under contract, through the Housing Investment Fund by mid-2027.
Despite the move to increase social housing, after this week’s Queensland housing roundtable, Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella said more had to be done to address the ongoing housing crisis.
“Sadly, there is not enough innovative thinking happening at any level of government to address the crisis,” Ms Mercorella said.
“Given the extent of the problem and the political focus dedicated to the issue, you’d think we would have seen stronger action by now.
“We’ve heard political promises of a proper long-term plan for housing in the works, but that’s starting to feel like a long shot.”
Ms Mercorella said until there is a fundamentally different conversation and people are prepared to make bold and courageous decisions, nothing will change.
“It’s time to make a radical shift and totally reconsider the taxation and regulatory settings that underpin the housing market,” she said.
“It’s time to look outside of Queensland and Australia to find new solutions that overcome the financial and bureaucratic hurdles impacting new construction process and cost and ownership pathways in Queensland.”