Queensland’s Housing Investment Fund will double to $2 billion as the state government works on its commitment to rapidly increase housing availability.
The move, announced as premier Anastacia Palaszczuk hosted a much-lauded housing summit, will, according to the government, “help augment the commencement of more than 13,000 new homes for Queenslanders”.
Palaszczuk said the $1-billion boost would help more Queenslanders get into new homes.
“To tackle the housing challenge being faced right across Australia, we need to find short-term solutions and create longer-term strategies to address supply,” she said.
“This increased investment means we are now targeting construction of 5600 new social and affordable homes by June 2027.”
According to the Queensland Council of Social Services, at least 5000 new social housing homes need to be built every year for the next decade.
The service said that equated to 50,000 new social houses, townhouses or units built by the 2032 Olympics.
Qcoss chief executive Aimee McVeigh said there were more than 50,000 people on social housing wait lists.
Treasurer Cameron Dick said the additional investment recognised the effect rising costs of building materials and labour were having on prices across the construction sector.
“Doubling the size of the fund also means returns and will now see the HIF deliver $130 million each year ongoing to create new housing stock where it is needed most,” he said.
“Tackling housing affordability is not just about more money, it’s also about more innovative solutions.
“We’ve already seen an Australian-first partnership here in Queensland to deliver more affordable and social housing between the Queensland Investment Corporation, Australia’s second-largest super fund, Australian Retirement Trust, and Brisbane Housing Company.
“We want to encourage more opportunities for private-sector investment, including from superannuation funds, to create another supply pipeline for housing.”
