16 Sep 2022

Long-term strategy to tackle national housing crisis needed

The upcoming Queensland Housing Summit has renewed calls for a long-term strategy to tackle the national housing crisis, according to Australia’s largest professional network of buyer’s agents.

Real Estate Buyers Agents Association (REBAA) president Cate Bakos said any measures to improve housing supply for people struggling with cost-of-living pressures must be considered in the context of a national shortage of social rental housing, lack of supply, pending migration and tax reform policies.

Earlier this week the Queensland Government pledged its commitment to stage a Housing Summit to address the urgency around multiple housing issues.

“These issues are not unique to Queensland – they are happening all across Australia,” Ms Bakos said.

“The smart state will be the state which moves swiftly to deliver tax reform and incentives to boost housing and land supply.

“This is a worsening crisis that is affecting Australians who are already highly vulnerable. At the most basic level it starts with disadvantaged first home buyers pushing up the prices of the private rental market and forcing those on lower incomes into social housing and, in extreme cases, homelessness.

“The Federal Government, in conjunction with respective State Governments, could look to improve housing affordability by reforming tax policies that distort demand for housing and act as major barriers to entry.

“Offering stamp duty concessions, or completely waiving stamp duty on properties up to a certain value for a limited period of time, would be a direct way to increase the supply of rental properties whilst also encouraging more first home buyers to enter the market.”