REIQ unveils 6-point plan for housing reform

Ahead of the upcoming state election, the REIQ has recommended an ambitious home ownership target of over 70 per cent by 2032.

“There are some significant hurdles to home ownership that feel insurmountable to many aspiring home buyers, meaning that would-be buyers are renting for longer,” said institute CEO Antonia Mercorella.

“Our policies are designed to enable home ownership and ease rental pressures while maintaining Queensland’s reputation as a place for property investment.”

The REIQ recommends six focus areas for state housing policy:

1. Addressing the home ownership crisis
2. First home owner grant reform
3. Closing the deposit gap
4. Balancing the rental market
5. Housing supply reform
6. Resolving the construction emergency

The institute recommends particular attention be given to first home buyers struggling with meeting the 20 per cent deposit target.

“We’ve proposed three options for the Queensland government to help close the deposit gap including expanding and relaxing eligibility for loan schemes or acting as guarantor,” said Mercorella.

She has also recommended greater action be taken on stamp duty: “While we have seen widespread stamp duty reform in our sights, we would like to see concessions extended for first home buyers and downsizers in the meantime.

“We’d like to see the First Home Owner Grant extended for use on established housing in regional Queensland where new builds have largely ceased, and for renovations on currently unliveable properties across the state which would revive much-needed stock.”

When it comes to building a balanced housing market in the long term, the REIQ said that planning reform and training future tradies were both necessary to create more housing supply.

“Councils need to set building approval targets and be incentivised to boost supply by linking these to state government infrastructure grants,” said Mercorella, who added that there is “opportunity to streamline and expedite planning processes” for local developments.

“To reduce our construction costs, we need to build the labour pipeline with construction industry apprenticeships, revise BPIC procurement requirements without sacrificing worker safety, and incentivise the private sector to adopt modern methods of construction.”

With three months to go until election day, the REIQ emphasised that it would continue to advocate its policy wish list in weeks to come.

This article was originally featured on Broker Daily’s sister brand REB.

[Related: Government embarks on ‘new era’ of housing reforms]