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The Queensland housing market is partly driven by strong demand from interstate buyers. Image: NCA NewsWire / John Gass
Queensland will initiate the “largest concentration of social housing investment” in its history-setting aside billions of dollars to increase supply and help those who have hit the bottom of the hot real estate market.
The Minister of Communities and Housing, Leeanne Enoch, stated that projects that promote social housing, redevelop underutilized state-owned land or deliver mixed-use development projects will be fast-tracked.
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In addition, nearly 10,000 social security housing and affordable housing will be built in the next four years, including 7,400 new buildings.
“This is the largest concentrated investment in social housing in Queensland’s history,” the Queensland government said in a statement after the budget was announced on Tuesday.
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Queensland Community and Housing Minister Leeanne Enoch. Picture: AAP Picture/Dan Peled.
Ms. Enoch described it as a bold new housing plan that was supported by a $1.9 billion investment in four years and a $1 billion new housing investment fund.
“We know that the COVID-19 pandemic and the impact of interstate immigration have put more pressure on the real estate market, which makes it more difficult for people to find a house, especially for vulnerable groups in Queensland who are facing economic pressure,” she said. .
“This is why we are investing US$1.9 billion in four years to increase the stock of social housing and allow more vulnerable Queenslanders to move in faster.”
She said that the return from the new $1 billion housing investment fund will be used to drive new supply to meet current and future housing demand. The Queensland Government Housing Investment Fund is expected to receive a return of approximately US$160 million in four years.
Ms. Enoch said the move was to respond to “the unforeseen challenges currently facing Queensland.”
“The funds will also be used to prepare government land for the project, initial work on the identified locations, as well as scoping and feasibility studies to enable more Queenslanders to enter stable residences more quickly.”
The incoming Queensland Real Estate Commission executive director Jen Williams welcomed the promotion of social housing, saying that the shortage “is already a flashpoint in some parts of the state.”
“As Queensland enters the golden decade before the 2032 Olympics, ensuring that housing supply keeps up with population growth will be crucial,” she said.
“The new crown virus has caused many southerners to reassess where and how they want to live. Many people’s answer is Queensland. In the next few months, when we are declared an Olympic city and the international border is reopened, the growth rate is certain Will change again.”
“Increasing investment in social housing is essential to ensure that entire communities benefit from the opportunities created by the country’s newfound international attention.”
The Real Estate Commission called on the Queensland Government to pass investment in the required infrastructure, “especially in green areas where demand is currently at the highest level in history”, to study fast-tracking and unlock new private housing.
It also called for new housing models such as “building for rent” to increase the supply of rental housing.
“The industry has previously welcomed the government’s construction and rental pilot projects in recognition of the benefits of this housing type. These pilot projects must now be matched with commitments to address tax and regulatory barriers so that the department can accelerate the delivery of quality rental housing in Queensland .”
take away:
– A new US$1 billion housing investment fund will be established to promote a new supply of housing demand.
– A new 2021-25 action plan to build 6,365 new social and affordable housing by June 30, 2025.
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