THE Real Estate Institute of Queensland (REIQ) has congratulated the re-elected Labor Federal Government.
It says a clear majority and a consecutive term bring a vital opportunity to see rubber hit the road for housing.
Prime Minister Anthony Albanese has a historic opportunity to tackle the housing crisis with renewed momentum and political capital.
The REIQ stands ready to collaborate with the Albanese Government to ensure all Australians have access to a secure and affordable home.
REIQ CEO Antonia Mercorella said the stability offered by a majority government, combined with longevity of term to see policies to fruition and the end of election uncertainty, provided a critical window for meaningful housing reform.
“A second term of Government is a gift. With a majority and momentum, Australians rightly expect to see swift and decisive action to get roofs over heads,” she said.
“With a policy platform that focuses on first home buyers and includes the $10 billion Housing Australia Future Fund, a new $10 billion fund to build 100,000 homes for first home buyers, the Help to Buy shared equity scheme, and expanded guarantees for first home buyers, Labor has laid important groundwork.
“Importantly, this is coupled with housing construction apprentice incentives and $78 million to fast track the qualification of 6000 tradies to help build more homes.
“It’s time to move beyond planning and start delivering on the housing front – and the REIQ stands ready to support initiatives that tangibly increase housing supply, ownership and access.”
The REIQ remains concerned that current levels of dwelling completions and approvals are well below what is needed in the pipeline and necessary to achieve the national housing target of 1.2 million new homes by mid-2029.
Over the second half of 2024 (i.e. the first six months of the target period), dwelling completions averaged 45,100 per quarter (based on seasonally adjusted data), compared to the 60,000 per quarter required to achieve the desired national housing target.
Ms Mercorella said the Coalition’s proposed $5 billion investment into roads, water, sewerage and essential services to unlock housing on greenfield sites was a commendable and practical initiative that the re-elected Labor Government should consider adopting.
With the election now settled, the REIQ said the end of uncertainty should help restore confidence.
“Housing markets are sensitive to uncertainty, and confidence is key,” Ms Mercorella said.
Claire Ryan – REIQ
