The Real Estate Institute of Queensland (REIQ) has welcomed the LNP Government’s State Budget, backing expanded support for first home buyers and streamlined tax relief for foreign housing developments.
A two-year, $165 million shared equity pilot will assist 1,000 first home buyers with as little as 2 per cent deposit, offering up to 30 per cent equity for new homes and 25 per cent for existing ones.
The price cap has been lifted to $1 million, up from $750,000 announced at the election.
REIQ CEO Antonia Mercorella said the change was necessary and timely.
“We called for expanded access to shared equity because we know high deposit hurdles are keeping aspiring buyers from getting onto the property ladder,” she said.
“With suitable income eligibility thresholds of up to $225,000 for couples and $150,000 for singles and a statewide property value cap of $1 million, the scheme reflects modern property prices across Queensland and makes it the most attractive in the nation.”
She said the generous cap ensures the scheme is relevant in all corners of the state.
“Without this adjustment, the scheme risked being out of touch with the reality faced by many first home buyers today.”
On the supply side, the REIQ praised reforms to Queensland Revenue’s ex gratia relief process for foreign-owned housing projects that meet public interest tests.
“Until now, ex gratia relief has been available, but the process has been slow and uncertain,” Ms Mercorella said.
“Today’s Budget commitment to reform and fast-track this relief is an encouraging step.”
While supportive, the REIQ urged further action on housing supply and reiterated calls for stamp duty reform.
“Today’s wins are welcome – however, we caution that the supply crisis remains Queensland’s most pressing housing challenge,” Ms Mercorella said.
“Stamp duty reform remains high on our wish list… now we’d like to see some relief extended to people at the opposite end of the housing cycle – downsizing Queenslanders.
“The Government is expecting to raise over $45 billion in taxes over the next four years from the property sector, and with this windfall we’ll continue to push for the next steps towards reform.”
