Another housing shortage fix, but like all the others it’s not a quick one
Housing investors should get incentives and older home owners spared from stamp duty costs if they downsize in a bid to overcome the housing crisis, according to the Real Estate Institute of Queensland.
REIQ boss Antonia Mercorella. (Image: REIQ).
In the run up to the housing summit, REIQ chief executive Antonia Mercorella said while there was no overnight solution to the serious housing supply shortage there were options that should be considered.
She said it was time for governments to try taking a carrot rather than a stick approach to maximise existing shelter and restore property investor confidence in our state.
“There are immediate actions we could be taking now to tap into existing supply through incentives, such as providing stamp duty relief to downsizing over 55’s – a win-win which allows them to move to easier-upkeep homes, while opening up housing stock for younger-growing families,” she said.
“We’d also like to see choice opened by for first home buyers by extending the First Home Owners’ Grant to established properties, to help more people enter the market and take pressure off rentals.
“A new loan deposit guarantee scheme for first home buyers and key workers would also be a welcome reprieve supporting home-ownership pathways.
“Stamp duty reductions could also be offered to long-term investors in exchange for a minimum time commitment to keep an investment property on the long-term rental market.
“Consideration should be given to ways to incentivise people with a holiday home, or investors with a property on the short-term letting market, to bring these properties on to the long-term rental market.
“Equally, there are opportunities to unlock new areas for housing, such as rezoning underutilised commercial spaces that are sitting vacant.
“All these incentives are examples of immediate ways we could start unlock existing housing today which would help alleviate some of the pressure on the rental market.”
For longer-term solutions, the REIQ wants to see key working groups established.
“All three levels of government and key property stakeholder groups have the opportunity to work together in a bi-partisan fashion to develop a long-term housing roadmap to keep pace with our growing population – starting with the establishment of this working group,” she said.
“We’d also like to see new and innovative housing solutions and concepts, such as co-ownership and rent-to-own initiatives, explored through the establishment of a Housing Innovation Forum.”
