The cost of housing in Brisbane is increasing, making it the second-most expensive city in Australia for housing. The median unit value in Brisbane is $615,429, higher than in Melbourne. The Queensland government has promised $350 million to cover developers’ costs in preparing new blocks of land to address the housing affordability issue. Mayors from Ipswich, Logan, and Moreton Bay will discuss the challenges they face in meeting housing targets set by the state government’s regional plan as their populations are predicted to grow significantly by 2046.
While land prices in these regions are more affordable, poor public transport connectivity adds to the cost of living in outer suburban homes. The Miles government’s trial of 50 cent public transport trips has been welcomed by the mayors as a step towards addressing this issue. The opposition leader David Crisafulli has expressed support for changes to stamp duty and transfer fees for homeowners if the LNP wins the state election in October. The Queensland Property Council is advocating for fee reductions to decrease the cost of housing and increase investment in new homes.
The LNP has proposed reviewing the cap on the maximum amount a buyer can spend while still remaining eligible for the first home owner scheme, which currently offers no stamp duty if the home is under $500,000 and concessions up to $750,000. However, finding homes under these price points has become increasingly difficult. Queensland Treasurer Cameron Dick has not provided specific details on potential changes to stamp duty or the first home owner scheme, leaving uncertainty around future policies that could address the housing affordability crisis in the state. It is crucial for costs to be reviewed to drive down the cost of housing while increasing investment to deliver more homes and address the drop in approvals that is limiting the supply of new housing.
