Calls for first home concessions on properties up to $1m as key SEQ regions grow

“The sad reality is, that it is taking longer and costing more than ever before, and unfortunately that is resulting in a drop in approvals, which ultimately means less supply is going to come online.”

“Costs need to be reviewed, so we can drive down the cost of housing whilst increasing the investment we need to deliver more homes.”

Brisbane is now Australia’s second-most expensive city for housing, with the median unit value in Brisbane, at $615,429 also higher than the median unit value in Melbourne, which is $614,299.

The Queensland government last week promised $350 million to cover developers’ costs in preparing new blocks of land.

On Tuesday morning the Property Council hosts mayors from south-east Queensland’s three fastest-growing areas – Ipswich, Moreton Bay and Logan – to learn how they can cope with population growth.

Mayors Teresa Harding (Ipswich), Jon Raven (Logan) and Peter Flannery (Moreton Bay) will describe the difficulties each region faces as they try to meet housing targets set in the state government’s ShapingSEQ 2023 regional plan.

Ipswich’s population is predicted to grow at 126.3 per cent to add another 294,000 residents by 2046; Logan’s by 88 per cent to add 311,300 residents, and Moreton Bay by 62.5 per cent to add 3022,600.

While the regions have more affordable land prices, the mayors last week said poor connectivity between public transport added to costs living in outer suburban homes, while welcoming the Miles government’s trial of 50 cent public transport trips.

Queensland’s opposition leader David Crisafulli will support changes to stamp duty and transfer fees for homeowners if the LNP wins the state election on October 26.

Opposition treasury spokesman David Janetzki said in January the LNP would review the cap on the maximum amount a buyer can spend, and still remain eligible for the first home owner scheme.

Under the first homeowners existing scheme, no stamp duty is paid of the home is under $500,000 and concessions apply up to $750,000; however it is become difficult to find homes under that price.

By June 2024, Queensland Treasurer Cameron Dick has only generally commented on any likelihood of changes to stamp duty, or the first home owner scheme.