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Chief executive Antonia Mercorella slammed the Queensland government for “legislating the life out of the property market”.
In the lead-up to next week’s state budget, the Real Estate Institute of Queensland has requested both parties to create deliverable, accountable housing plans instead of committing to unrealistic goals.
“In an election year, it can be convenient for parties to set lofty targets and make promises that they may never have to fulfil,” said Mercorella.
“We fear that none of these announcements will translate into the new houses we desperately need.”
She noted that Queensland has fallen behind other states and territories in major housing indicators.
“Queensland has the longest completion times for apartments in the country at 26 months. Ten years ago, this was only 14 months,” the CEO said.
Mercorella also noted that Queensland holds “the title of lowest home ownership of any state in this country”.
“The latest Australian Bureau of Statistics (ABS) data on our state’s building approvals, dwelling commencements and completion times does not tell a story of a state that’s headed towards housing recovery,” she said.
“On the contrary, it appears Queensland is falling deeper into the housing crisis, and without some major systemic changes it’s hard to see how we’ll claw our way out.”
While Mercorella acknowledged the efforts the state government has made so far towards addressing the housing crisis, she expressed doubts over whether these goals are translating into on-the-ground outcomes.
“We’re not saying that the principles of the Homes for Queenslanders plan aren’t sound, but we are wondering how they can deliver their targets in the current market conditions,” she said.
“While we welcome the setting of targets, it means nothing without accountability – the government should commit to open and transparent monthly reporting against set KPIs. This will ensure that houses added to the social housing tally represent additional supply and are not just repurposed dwellings from other parts of the housing market,” the CEO advised.
She also criticised the state’s recent rental reforms as “ill-considered” moves that “are already causing confusion and uncertainty in the market”.
Her comments follow recent data that revealed Brisbane has overtaken Canberra and Melbourne as Australia’s second-most expensive city after Sydney.
Researchers stated that extremely low levels of supply is the primary reason for Brisbane’s meteoric rise in house prices since 2019.
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