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According to REIQ (Real Estate Institute of Queensland), the issue of housing affordability can be resolved by –
- Increasing Housing Supply
- Reducing the Stamp Duty
- Financing First Home Buyers
Antonia Mercorella, Chief Executive of REIQ, said, “In Brisbane, housing affordability have reached yet at critical point, but the continuous increase in demand of zero deposit home and land packages Cranbourne, Queensland, Clyde, Brisbane, etc. is going to increase the home prices inevitably.”
The data from HIA (Housing Industry Association) reveals that there is a need of at least 40,000 new dwellings per year to fulfil the housing demand but the average dwellings of past five years is around 30,500.
Ms Antonia Mercorella notified that the main reason this is that there are not enough homes are built per year but the demand for residential homes increasing continuously.
She also said, “The solution for this, is need to have multi-pronged approach despite of finding a single measure.”
Ms Mercorella further said that REIQ is trying to advocate the eradication of stamp duty in response to increase the housing supply, as stamp duty is the tax that stifles housing mobility and creates housing unaffordable.
(Related News – Finally, a State Budget to Address Housing Affordability)