REIQ (Page 4)

With Queensland property prices continuing to climb over the March 2024 Quarter, the Real Estate Institute of Queensland (REIQ) is encouraging aspiring homeowners to think laterally to get onto the property ladder. Across Queensland, the median price growth of units outpaced that of houses over the quarter, as well as over the year. Units grew 5.09% to $578K and houses rose 2.07% to $735K over the March quarter. Annually, units lifted 10.2% and houses are up 8.46%. In the capital city, Brisbane houses grew 3.1% to a $1.16m median sale price over the quarter, whereas units rose 4.31% to $605K. Million-dollar-median markets in the MarchRead More →

Following Sunday’s welcome surprise that the concession threshold for first home buyers will be lifted, the REIQ says today’s State Budget delivers a mixed bag for housing and small businesses. REIQ CEO Antonia Mercorella said it was appropriate to see housing as the centrepiece of the State Budget which included some important first steps in the right direction. “Starting on a positive note, the REIQ was successful in advocating for an increase to the stamp duty tax free threshold for first home buyers which was long overdue,” she said. “While a $700k threshold is a significant improvement and will be appropriate for many parts ofRead More →

The REIQ is today welcoming the announcement by the Queensland Government to increase the stamp duty concession threshold for first home buyers to $700,000 after a 15 year wait. REIQ CEO Antonia Mercorella said this was a long-held advocacy and policy position of the REIQ to increase stamp duty concession thresholds for first homeowners.  “It is an easy and logical first step to address the home ownership emergency in this state and we congratulate the Government on listening to our calls for change,” she said. “With Queensland having the lowest rates of home ownership of any state and declining first home buyer activity, a stampRead More →

Ahead of the State Budget next week, the Real Estate Institute of Queensland (REIQ) is calling out the woeful state of the housing crisis and pushing for an accountable delivery plan from both parties. REIQ CEO Antonia Mercorella said it was important to lay bare the facts regarding the state of Queensland’s housing market today, 19.5 months on from the landmark Housing Summit – warning the data painted a bleak picture. “The latest ABS data on our state’s building approvals, dwelling commencements and completion times does not tell a story of a State that’s headed towards housing recovery,” Ms Mercorella said. “On the contrary, itRead More →

The Real Estate Institute of Queensland (REIQ) says that the Bill regarding Stage 2 Rental Law Reforms which was passed in Parliament yesterday, has missed the mark. While the peak body is celebrating some wins from its comprehensive submission that recommended 39 amendments to the RTRAOLA* Bill, the REIQ is disappointed that many of its concerns were ignored. REIQ CEO Antonia Mercorella said its pleasing to see some of the REIQ’s significant concerns were addressed by a suite of eleventh-hour amendments to the legislation. “Firstly, a time limit that was originally proposed for water consumption charges, would have seen property owners potentially picking up hundredsRead More →

Astonishing new data from the ABS has laid bare the Queensland Government’s bumper bounty from property tax revenue over FY23, all while the State endures a housing crisis. The data, which excludes coal royalties, shows stamp duty now accounts for 25 percent of the tax base for the State Government compared to 20 percent ten years ago. Additionally, property taxes (stamp duty and land tax) have risen by 133 percent (more than doubled) over the past ten years, equating to an additional $4.2 billion per year. REIQ CEO Antonia Mercorella said given the steep upshoot in property values in the Sunshine State, it was timeRead More →

The REIQ is concerned short-term incentives in the Federal Budget will keep interest rates up for longer, passing the burden to mortgage holders and small businesses. REIQ COO Dean Milton said while energy rebates may apply a short-term downward pressure on inflation, the median-to-long term impact could be inflationary. “Instead of the energy bill rebate cash splash to all Australians, our view is that the Federal Government could have shown more restraint and means tested eligibility to ensure it goes to those that need it most,” Mr Milton said. “We would have liked to have seen a budget which took the pressure off inflation toRead More →

Relatively stable yet dangerously low vacancy rates over the first quarter of 2024 are a cold comfort to renters desperately trying to find a place to call home in Queensland. The Real Estate Institute of Queensland (REIQ) Residential Vacancy Report for the March 2024 Quarter shows rental availability remains at critical lows across the sunshine state. Of the 50 local government areas and sub regions covered in the report, vacancy rates fell in 22, were stable in 10 and climbed in 18, compared to the previous quarter. These movements, however disappointing or promising they may seem on face value, were confined to a modest 0.2%Read More →