The Real Estate Institute of Queensland (REIQ) is congratulating the re-elected Labor Federal Government, saying a clear majority and a consecutive term bring a vital opportunity to see rubber hit the road for housing.
Prime Minister Anthony Albanese, now Australia’s 32nd Prime Minister, has a historic opportunity to tackle the housing crisis with renewed momentum and political capital.
The REIQ stands ready to collaborate with the Albanese Government to ensure all Australians have access to a secure and affordable home.
REIQ CEO Antonia Mercorella said the stability offered by a majority government, combined with longevity of term to see policies to fruition and the end of election uncertainty, provides a critical window for meaningful housing reform.
“A second term of Government is a gift. With a majority and momentum, Australians rightly expect to see swift and decisive action to get roofs over heads,” she said.
“With a policy platform that focuses on first home buyers and includes the $10 billion Housing Australia Future Fund, a new $10 billion fund to build 100,000 homes for first home buyers, the Help to Buy shared equity scheme, and expanded guarantees for first home buyers, Labor has laid important groundwork.
“Importantly, this is coupled with housing construction apprentice incentives and $78 million to fast track the qualification of 6,000 tradies to help build more homes.
“It’s time to move beyond planning and start delivering on the housing front – and the REIQ stands ready to support initiatives that tangibly increase housing supply, ownership, and access.”
The REIQ remains concerned that current levels of dwelling completions and approvals are well below what is needed in the pipeline and necessary to achieve the national housing target of 1.2 million new homes by mid-2029.
Over the second half of 2024 (i.e. the first six months of the target period), dwelling completions averaged 45,100 per quarter (based on seasonally adjusted data), compared to the 60,000 per quarter required to achieve the national housing target.
Ms Mercorella said the Coalition’s proposed $5 billion investment into roads, water, sewerage and essential services to unlock housing on greenfield sites was a commendable and practical initiative that the re-elected Labor Government should consider adopting.
“Unlocking land through enabling infrastructure is one of the fastest and most effective ways to increase supply, especially in growth corridors and regional areas,” she said.
“The REIQ acknowledges the Albanese Government’s $1.5 billion Housing Support Program to support the construction of enabling infrastructure by state, territory and local governments, and suggests this could be expanded to fast-track housing-ready land.”
However, the REIQ flagged concerns about the potential consequences of Labor’s expanded Help to Buy and First Home Guarantee policies on broader housing market dynamics – particularly the risk to lenders mortgage insurance (LMI) providers and impacts and other home buyers.
“These schemes bypass LMI requirements which may cause some adverse unintended consequences and to avoid this, we urge the Government to consult with the insurance industry and other key stakeholders,” Ms Mercorella said.
As a major contributor to Australia’s economy and host of the 2032 Olympic and Paralympic Games, Queensland will be central to the next phase of the national housing response.
Ms Mercorella said the REIQ is calling for early and explicit federal commitment to supporting Queensland’s infrastructure pipeline and Olympic preparations.
“Queensland is a key growth state. National success in housing policy will depend heavily on how effectively the state is supported at the federal level. That includes preparing for the Olympics, which will require coordinated investment and planning,” she said.
In addition, she said the REIQ notes the Queensland Government has tasked the new Queensland Productivity Commission (QPC) with investigating construction sector productivity.
“This inquiry may benefit from federal government input, and REIQ recommends the Albanese Government consider engaging with the QPC, particularly how the federal government can assist states and local governments in reducing regulations, taxes and charges adding to the cost of housing,” she said.
The REIQ also thanked Opposition Leader Peter Dutton and Shadow Housing Minister Michael Sukkar not only for contributing serious and considered housing policy proposals during the campaign, but for their service to the Australian public over the course of their parliamentary careers.
“We were encouraged by the Coalition’s focus on affordability, supply, and home ownership, and hope that their ideas, particularly around infrastructure and planning reform, continue to shape national policy discussions,” Ms Mercorella said.
With the election now settled, the REIQ said the end of uncertainty should help restore confidence in property markets.
“While the election itself may not have caused a dramatic shift, housing markets are sensitive to uncertainty and confidence is key,” Ms Mercorella said.
“Now that the result is clear, we anticipate a more stable environment and a return to long-term decision-making by buyers, sellers, and investors.”
ENDS
Media enquiries:
Claire Ryan, Media and Stakeholder Relations Manager, The Real Estate Institute of Queensland
M: 0417 623 723 E: media@reiq.com.au