Call to encourage build to rent investment to address housing shortage

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A leading property industry advocate says Queensland urgently needs more housing and the State Government should create incentives for ‘build to rent’ investment.

The Property Council of Australia says its research found 220,000 people will move to Queensland from the southern states in the next five years.

The Council’s Queensland Executive Director, Jen Williams, said it’s vital the state plans for more population growth.

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“This fresh research shows that while Queensland experienced a huge influx of interstate migrants during the COVID-19 pandemic, there are potentially many more to come.

“We need a plan to prepare, not only to protect our enviable lifestyle, but also ensure we have the infrastructure and housing supply to support the population growth.

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The Property Council wants the State Government to encourage the delivery of ‘build-to-rent’ housing, to quickly increase the supply of rental accommodation.

It wants land tax discounts, surcharges for foreign ownership scrapped, and incentives for more horizontal rental properties such as duplexes and townhouses.

 Other recommendations include educating the public about ‘good development’, allow for legislative changes to fast-track growth and develop a process for identifying new areas for inclusion in the urban footprint.

“The time is right to bring together experts across industry, government and community sectors, to kickstart a bold reform agenda that will turbocharge the delivery of new housing across the state,” Ms Williams said.

The call comes as the Queensland Government housing summit gets underway with an initial meeting of government and non-government stakeholders.

The Government announced the summit earlier this week. It will take place next month.

Cairns and the Far North have some of Australia’s tightest housing markets, with limited supply and rental market vacancies at crisis-point.

Mayor of Cairns, Bob Manning, told Tropic Now he hopes the summit will address particular issues in regional Queensland rather than focusing solely on the south-east.

"Cairns welcomes a holistic look at these complex issues that requires involvement by all levels of government, as well as partnerships with non-profit and private sectors," he said.

"The Queensland Housing Summit is an opportunity to find solutions and we advocate for regional and northern Queensland to have a seat at the table because this issue is certainly not confined to the South-East corner.

"It’s important that the unique needs of regional Queensland are well represented in the discussion and the focus includes both short-term relief measures as well as longer term supply opportunities.

"Tackling housing issues and finding appropriate solutions spills into other matters, such as Closing the Gap, developing Northern Australia as outlined in the White Paper, and giving our most vulnerable a safe place to sleep."

Premier Annastacia Palaszczuk agreed all levels of government have a role in addressing the national housing shortage.

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“Affordable housing is critical to maintaining our great Queensland lifestyle.

“Many of the causes of the increased housing costs are national and need national solutions.

“We all know that recent interest rate increases by the independent Reserve Bank of Australia have made it tough for homeowners.

“I fully understand this is a tough time for many Queenslanders.”

The Property Council is among those invited to have a say at the summit.

It will also hear from other key non-government stakeholders including QShelter, QCOSS, the REIQ, Master Builders and the Planning Institute of Australia.