Industry NewsQLDReal Estate Industry News

Housing Measures Fall Short In QLD State Budget

The REIQ has responded to measures announced in the State Budget that was recently handed down, welcoming the State Government’s extension of the First Home Buyer Grant boost. However it is disappointed that the Government has refused to broaden the grant to include established homes in regional Queensland.

REIQ CEO Antonia Mercorella said regional Queensland property markets continued to struggle, with the housing oversupply one of the region’s biggest problems.

“We welcome the goal behind the First Home Buyer Grant, which is to stimulate jobs and this measure has been successful in the southeast corner, with the added benefit of additional supply moderating price growth where demand is strong.

“However, additional supply in regional Queensland is going to further slow these markets and make any price recovery much longer to come into effect,” she said.

Jobs Program

The REIQ have said they also  welcome those measures designed to stimulate jobs in regional Queensland, where climbing unemployment is impacting on the community in devastating ways.

“The Government’s $200 million jobs program, Works for Queensland, delivered over the next two years into regional Queensland, will tackle the need for infrastructure in regional communities and also the unemployment issue head on and we applaud these efforts,” Ms Mercorella said.

Abolish Stamp Duty

The REIQ say they were disappointed this Government has chosen to ignore advice from a range of experts on abolishing stamp duty.

“Stamp duty is an onerous fiscal burden that stifles housing mobility and many experts are in agreement, including the Henry Tax Review, that stamp duty should be replaced,” Ms Mercorella said.

“When the cost of selling your house comes with an additional price tag of tens of thousands of dollars it gives many people pause.

“The Government should heed the advice of the experts when it comes to the health and well-being of this vital sector in the Queensland economy,” she said.

“The key pillars that underpin the real estate profession are fragile – jobs figures are soft, wages growth is flat and investors are facing tightened lending criteria.

“Real estate is facing considerable head winds and the Government needs to acknowledge these challenges and devise appropriate policy responses to ensure its continued growth,” she said.

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