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Monday, May 27, 2024

Plans to lift home ownership levels

THE Real Estate Institute of Queensland (REIQ) has welcomed the LNP’s plan to improve home ownership rates through tax relief, incentives and unlocking new supply.

REIQ CEO Antonia Mercorella said it had long been the policy position of the REIQ that home ownership levels are too low across the state.

“The REIQ welcomes the commitment of the LNP to increase the levels of home ownership in Queensland,” she said.

“Owning a home has become unattainable for many over the last 20 years in particular – with barely one in three Queenslanders aged 25-34 owning their own property.

“Queensland sustains a rental population that is higher than the national average at 36 per cent which has been on the rise for some time now.

“We recognise that there is a generation of people out there who are watching the pace of the market and feeling disillusioned and concerned about being priced out.”

Ms Mercorella said convincing people who have young adult children and are looking to buy their first home, that home ownership is in fact an achievable and attainable goal, is becoming increasingly difficult.

“While home ownership targets are welcome, we would hope to see some detail shortly to ensure they are met,” she said.

REIQ also welcomed the addition of ‘home ownership’ to the Treasury Portfolio.

“Stamp duty thresholds have remained static for over a decade and First Homebuilders Grants rarely apply to the regions,” Ms Mercorella said.

“All this while the stamp duty revenue taken by the state has almost tripled in that time.

“Residential property is worth $1.7tn in Queensland and it is time that it got its own area of focus in Government.

“We are excited to work with the new shadow portfolio on developing a suite of innovative policies that provide opportunities for younger Queenslanders to get on the property ladder sooner.”

Keep up with the latest news in Cairns and the Far North, and check out some of our top stories this week: Queensland Children’s Hospital best in Southern Hemisphere and Cairns hospital showcases progress in symposium.

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