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New investments by the Queensland state government are expected to reduce the pressure on the state’s existing issues of housing supply and affordability.
The Property Council of Australia has praised the Queensland state government over new efforts to address housing supply and affordability included in this year’s state budget.
These measures include the establishment of a $1 billion Housing Investment Fund, $1.8 billion in spending on the supply and maintenance of social housing over the next four years, plus a $94.9 million investment in enhancing and expanding Queensland’s housing and homeless service systems.
According to incoming Queensland executive director of the Property Council, Jen Williams, “Greater investment in social housing will be critical in ensuring the entire community benefits from the opportunities that the state’s newfound international attention will bring. But that’s not all we need.”
“COVID has resulted in many southerners reassessing where and how they want to live. And the answer for many is Queensland. Over the coming months when we are announced as an Olympic City and the international borders reopen, the pace of growth will certainly shift a gear again.”
Ms Williams called on the government to fast-track and unlock new private housing in areas where demand is highest. She also called on the government to make the infrastructure investments necessary to “both unlock new developments and facilitate mobility across the state.”
In a statement, Ms Williams made the case for “a commitment to facilitate new and innovative housing models like ‘Build-to-Rent’ that can quickly increase the supply of rental housing and improve the quality of life for the many thousands of Queenslanders living in rental accommodation.”
“While on the one hand this budget introduces a welcome increase in investment in social housing, this is being hampered by the many policy and regulatory changes currently underway within government that will directly impact the cost of new housing.”
“While the government’s critical investment in social housing is most welcome, it must be seen as a downpayment on capitalising on the much larger opportunity ahead as we welcome many new Queenslanders in the lead-up to the Olympics.”
“We must heed the OECD’s warning and make the process of delivering new housing in Queensland simpler and less expensive, enabling Queensland to facilitate more affordable, diverse housing choices for all people,” she said.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.