The Real Estate Institute of Queensland (REIQ) is welcoming the Reserve Bank of Australia’s (RBA) highly anticipated decision to lower the official cash rate by 25 basis points to 4.10 per cent – improving borrowing capacity and providing mortgage relief. REIQ CEO Antonia Mercorella said the first rate cut in more than four years (since November 2020), may be modest but it was significant for consumer confidence in Queensland’s property market. “With affordability top of mind for many Queenslanders, any measure that reduces borrowing costs is a welcomed development,” Ms Mercorella said. “This cut will make it easier for prospective home buyers to service largerRead More →

The Real Estate Institute of Queensland (REIQ) is welcoming the Federal Treasurer’s move to improve access to home loans for young Australians with student debt and finance for small developers falling short of a perfect, 100 per cent pre-sales uptake. REIQ CEO Antonia Mercorella welcomed the new APRA/ASIC guidance which would exclude HECS/HELP debts from bank’s mortgage serviceability assessments in certain circumstances, while still maintaining strict responsible lending protections. “We support this reform which will boost the borrowing capacity of Australians with student loan debt and trust that it will aid first home buyers in taking that crucial first step onto the property ladder,” MsRead More →

The Real Estate Institute of Queensland (REIQ) stands in solidarity with the residents, businesses and communities of North Queensland as they face devastating flooding. While the situation is still unfolding, the REIQ is anticipating extensive resources could be required for property assessments and helping those displaced from their homes. REIQ CEO Antonia Mercorella said that in the aftermath of flooding, there were often many questions as to how to address the immediate and longer-term needs relating to housing. “Real estate professionals will be focused on helping their clients and community through this disaster,” Ms Mercorella said. “Sales agents and property managers in the affected regionsRead More →

The Real Estate Institute of Queensland (REIQ) will throw its support behind a legislative change that will remove restrictions for homeowners wanting to rent out rooms without risk to their concessions or grants at a public hearing next week. REIQ CEO Antonia Mercorella said the move to change eligibility requirements to allow homeowners to rent out empty rooms within the first 12 months of purchase without penalty to their concession or grant was the brainchild of the REIQs. “This initiative is a win-win for both homeowners and renters in Queensland, and we are proud to have instigated this common-sense change,” Ms Mercorella said. “It alignsRead More →

The Real Estate Institute of Queensland (REIQ) is welcoming a Bill before Parliament today that will abolish stamp duty on new builds and land for eligible first home buyers from 1 January 2025. REIQ Acting CEO Kat Beavon said this was a positive step towards removing significant financial hurdles and helping thousands of first home buyers off the starting blocks in Queensland. “With Queensland’s home ownership rate sitting at 63.5%, the lowest of any state in the nation, this is a welcome measure to help more people achieve the Great Australian Dream,” Ms Beavon said. “First home buyers in Queensland in particular face additional challenges,Read More →

Queensland’s rapidly rising residential property prices stabilised over the September 2024 quarter (July – September 2024), as a wave of Spring sales began settling. The latest median sales results released by the Real Estate Institute of Queensland (REIQ) today, reveals a modest 0.26% increase in Queensland’s median house prices for the quarter, lifting to $772,000. While annual house price growth remains impressive across the state, some regions saw slight quarter-on-quarter dips, suggesting a slowdown rather than a halt in price growth. The Gold Coast, Brisbane, and Cairns were among the house markets showing signs of stabilisation, while regional areas like Mackay (8.83%), Noosa (7.37%), TownsvilleRead More →

The Real Estate Institute of Queensland (REIQ) is urging the Government to adopt a more balanced and reasonable approach to the expansion of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime, than proposed in the AML/CTF Regime Amendment Bill 2024. As it stands, the Attorney-General’s Department Impact Analysis estimates the ongoing annual cost of the regime at ~$2bn per annum for the property industry. Queensland’s property industry will absorb a whopping ~$250m of that cost per annum. REIQ CEO Antonia Mercorella, who represented Australia’s real estate professionals before a Federal Senate Committee last week, emphasised the REIQ’s support for the regime’s objectives, but raised significant concerns aboutRead More →

The Real Estate Institute of Queensland (REIQ) has released its residential vacancy rates report for the September 2024 quarter, with the peak body noting that tight conditions appear to be ‘the new normal’ for the rental market. Of the 50 local government areas and sub regions covered in the report, vacancy rates tightened in 19, remained unchanged in 18, and relaxed in 13 this quarter. Most changes were a modest 0.1 – 0.2 percentage points. Exceptions included Mount Isa, Redland’s Bay Islands and Lockyer Valley where tightening rates were more pronounced. In contrast, Cairns, Tablelands and Isaac experienced slight rate relaxations. Overall, low vacancy ratesRead More →