More than 51,000 homes are targeted to be built under a new federal-state agreement announced today.
This includes 20,000 exclusively for first home buyers, the first of which are expected to be completed by mid-2028.
Under the deal, the Federal Government will provide $2 billion in support, comprising $399 million in grants and $1.6 billion in zero-interest concessional loans for enabling infrastructure.
The Queensland Government will provide a matched contribution of $399 million.
The funding will be targeted at the Priority Development Areas (PDA) of Mount Peter, south of Cairns, Southern Thornlands, in the Redlands east of Brisbane, and the master-planned “city” of Waraba in the Moreton Bay area.
Federal Minister for Housing Clare O’Neil said the plan meant tens of thousands more homes for Queenslanders to buy – with no competition from investors.
“We’re investing in the boring but essential infrastructure like roads and sewerage that help us unlock more homes for Queenslanders, because the more homes we build, the more affordable housing becomes,” Ms O’Neil said.
Queensland Deputy Premier Jarrod Bleijie said Queenslanders needed more homes quickly.
The Government could play its part by unlocking land and delivering supply.
“Availability equals affordability and by providing funding to get the vital infrastructure like roads, water, sewerage and power in place, the builders can get building,” he said.
The Property Council of Australia welcomed the agreement.
Property Council Queensland Executive Director Jess Caire said it demonstrated what could be achieved when governments aligned in the delivery of new housing supply.
“This announcement is a timely reminder that when state and federal governments work together on the biggest challenge facing our country, that is getting more homes built, faster, real progress is possible.’ Ms Caire said
Ms Caire said the focus of the funding on Priority Development Areas reflected the scale and pace of growth across Queensland.
“Investment in these critical growth fronts through enabling infrastructure like roads, water and sewerage is what unlocks new housing supply in the places that need it,” she said.
“It’s pleasing to see this announcement recognise that and back it in.”
Master Builders Australia Acting CEO Melissa Byrne said the investment in enabling infrastructure was welcome and was an example of where housing policy efforts should be focused.
She said Master Builders had continued to reiterate that increasing housing supply would increase affordability and making projects ‘shovel ready’ was part of the puzzle.
“The Federal Government’s Budget announcements, stripping away the investment settings that make projects viable, are not conducive to increased housing supply,” Ms Byrne said.
“Investors finance up to two in every five new homes built, making them a critical part of the supply equation.
“Australia needs to see a material uplift in supply and governments at all levels must focus on policies that encourage investment, improve efficiency, cut unnecessary red tape and grow the construction workforce while delivering enabling infrastructure.”
