Property Council implores Qld Government to support build-to-rent projects in Budget

Queenslanders are gearing up for Tuesday’s State Budget announcement, and the Property Council is hoping it includes plans to match the commitments of the New South Wales and Victorian Governments, and declare land tax concessions for build-to-rent projects in the state.

“With COVID-19 drastically impacting economies around the globe, there has never been a more important time for the Queensland Government to focus on unlocking the capacity of the private sector to assist in accelerating the state’s economic rebuild,” Property Council Queensland Executive Director, Chris Mountford, said.

Both the NSW and Victorian Governments will introduce a 50 per cent land tax concession and waive foreign taxes for build-to-rent projects.

“Build-to-Rent is an important component of the future of housing in Australia, and there is no shortage of companies that are lining up to invest in it,” Mr Mountford continued.

“However, taxation arrangements mean that Build-to-Rent projects do not stack up against traditional ‘built-to-sell’ projects in Australia.

“Providing a land tax incentive upfront will allow the asset class to get a foothold in Queensland and deliver ongoing returns to the State Government through future taxation revenues and much-needed rental accommodation.

“With our two biggest economic competitors slashing land tax rates, unless a similar policy is introduced here, Queensland will miss out on large scale investment and the thousands of jobs that new projects like this bring along with them.”

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Nathan Jolly

Nathan Jolly was an in-house journalist with Elite Agent. He worked with the company from July 2020 to December 2020.