REIQ

The Real Estate Institute of Queensland (REIQ) is strongly opposing the state’s new standardised tenancy application form, which the peak body says takes tenant privacy to the point of impracticality. From 1 May, the standardised rental application will be used for general tenancies. This reform is part of the former State Government’s stage two rental reforms, now carried forward by the LNP. The REIQ believes the form’s approach to verification of identity (VOI) could cause significant risk for property owners and their managers. The peak body is also warning the application form may undermine the prospects of success for applicants seeking to rent property inRead More →

The Real Estate Institute of Queensland (REIQ) has acknowledged today’s decision by the Reserve Bank of Australia (RBA) to keep the cash rate on hold at 4.1% in April, pending the release of the comprehensive March quarter CPI inflation data on 30 April. REIQ CEO Antonia Mercorella said it was widely expected that the RBA would hold in April, and it would have been a surprise if it had cut the cash rate[1], however now hopes were mounting for May’s decision. “After holding in April to gain more confidence inflation is under control, many home buying hopefuls and mortgage holders will be hoping the RBARead More →

The Real Estate Institute of Queensland (REIQ) is welcoming the housing initiatives in the Albanese’s Government’s pre-election budget, while calling for greater scale for impact. REIQ CEO Antonia Mercorella said this budget recognised that housing supply constraints remain a pressing issue, and homeownership remains out of reach for many. “The overwhelming constraint on housing affordability remains a lack of supply,” Ms Mercorella said. “Resolving housing supply constraint issues and promoting other housing supply alternatives, such as prefabricated homes, are the cornerstones for more affordable housing. “Queensland is well behind what is needed in terms of dwelling approvals – the 12-month building approvals to January 2025Read More →

The Real Estate Institute of Queensland (REIQ) is welcoming the Crisafulli Government’s restoration of the Queensland Productivity Commission (QPC), as an important step towards tackling rising construction costs and improving housing affordability. Yesterday, the Queensland Productivity Commission 2024 Bill passed in Parliament allowing the QPC to be officially established and appointments to soon follow. REIQ CEO Antonia Mercorella said the establishment of the QPC will be instrumental in maximising productivity in the construction sector, which has long been on the decline. “Improving productivity in the construction sector is critical for reducing construction costs and ultimately, improving housing affordability for Queenslanders,” Ms Mercorella said. “The AustralianRead More →

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 →