REIQ backs LNP housing measures

The Real Estate Institute of Queensland (REIQ) has commended the housing initiatives put forward by the Liberal National Party (LNP) in response to Labor’s state budget for 2024–25.

The opposition unveiled its housing plan that focuses on boosting home ownership in Queensland by increasing housing supply.

Antonia Mercorella, CEO of the REIQ, said that the LNP has “seized on some innovative ideas and opportunities”.

The opposition said that it would work with charity and religious organisations to amend planning regulations and allow them to build social housing on surplus land that is currently “not easily permitted”, according to David Crisafulli, Leader of the Opposition.

According to Crisafulli, an initial review conducted by the Brisbane Catholic archdiocese and the Salvation Army has identified surplus sites that would accommodate 2,000 new dwellings.

The Leader of the Opposition said: “I am hopeful this will inspire other organisations to come forward with more sites. Organisations who have helping others in their DNA will help house vulnerable Queenslanders.”

Mercorella commented on the initiative, stating that it is an example of “the kind of ‘no stones left unturned’ approach we need to be taking to move off the dime”.

“This idea was first proposed at the Housing Summit and we commend Catholic Housing and St Vincents for moving forward with their plan,” she said.

The LNP also said that it would establish a cabinet housing taskforce to ensure that any government policy that impacts housing supply is “strategically aligned” with a singular goal – increasing supply.

Mercorella continued that the taskforce is “welcome and in line with community expectations”.The CEO said: “Perhaps the most refreshing part of the plan, is seeing tangible targets being committed to in terms of housing approvals, that are easy to review against monthly ABS data.

“The REIQ commends this suite of initiatives focused on a much-needed boost to home ownership levels in Queensland.”

The Miles Labor government announced on Tuesday (11 June) that it increased the stamp duty exemption threshold from $500,000 to $700,000 for first home buyers (FHBs), with concessional rates up to $800,000.

The opposition said that it would completely abolish stamp duty for FHBs who purchase a new home, following the South Australian government’s recent abolition of stamp duty for FHBs who buy a newly built home.

Mercorella said: “We welcome the move to stamp out stamp duty for first home buyers of new builds. This is a promising first step towards the REIQ’s long-held vision of seeing stamp duty abolished across all property transactions.

“While it’s welcome news that the LNP will match the raised $700,000 first home buyer stamp duty concession threshold, we want to see this threshold amount varied to reflect median house prices in different markets.”

She added that it is “disappointing that neither party has committed to wholesale stamp duty reform when we need to be pulling every lever.

“In an election year, all political parties are looking for a win, but the recent housing reforms announced by both sides will see the Queensland community come out the winners,” she said.

[Related: Miles government increases FHB stamp duty concessions to $700k]