Queensland Election: What the Parties are Promising Property

What is the value inherent in 50 cents? During the past few weeks, the new public transport fare introduced by the Queensland Government has made headlines. Ahead of the state election on October 26, it has become clear that it is worth more than its face value. Fifty cents has achieved something other states have struggled with—the cut-price fare is bringing more people into the centre of Brisbane, breaking down the hangover of pandemic lockdowns and the shift to working from home. The surge in public transport use in the Queensland capital has also raised the eyebrows of the property industry as that surge not only helps the office sector out of the doldrums but increases retail trade. And it also has workers considering where they live thanks to inexpensive commuting to and from the city. But there is of course much more to the looming election than cheap train and bus tickets. The housing crisis remains among the state’s most pressing issues with the current Miles Government implementing the first steps of the Homes for Queenslanders plan as rents and mortgages continue to rise while house prices remain out of reach for many. Meanwhile, major infrastructure projects including transport corridors and connections, and a revamp of the Cairns port, are draining building sites of construction resources and skilled labour. And climate change is also on the Queensland agenda with areas including Gladstone establishing themselves as hubs for renewable energy with hydrogen and solar farm projects being approved. It is worth noting that, uniquely in Australia, Queensland has a unicameral (single chamber) Parliament. Other states have a Lower House and an Upper House. The Urban Developer has gathered policy promises from the three major parties relevant to the property industry ahead of next month’s poll. Queensland Labor Party (encumbent) ▲ Queensland Premier Steven Miles. Party leader: Steven Miles Planning and housing minister: Meaghan Scanlon Premier Steven Miles is keen to do something about housing and in the lead-up to the election has made a plethora of announcements about social and affordable housing projects across the state. A key component of the Government’s housing policy is the Homes for Queenslanders plan that aims to build a million homes by 2046, including 53,500 social homes. The most recent announcement was a plan for 152 social and affordable homes to be built with Economic Development Queensland and St George Community Housing Limited as owner and developer, and Bric Housing as the operator. The Government has made moves towards assisting tradies, launching funds to help people in key areas gain full-time paid work as trainees. They would achieve a Certificate 1 in Construction and a White Card as part of the work. Partnering with QBuild and, on the Gold Coast, community organisations yourtown and Multicultural Families Organisation, trainees will work on a social housing project at Coomera, upgrading crisis accommodation. It was announced on September 20 the scheme would include 15 places for trainees at Ipswich, west of Brisbane. The Government is also investing in free TAFE places, and apprenticeships with a cash-back program for equipment for first-year apprentices. Miles has announced that more than $1 billion in social and affordable housing projects are now under construction or contracted to be delivered as part of the Homes for Queenslanders plan. As well, more than 900 social and affordable homes have been completed since the plan’s launch, with more than 1100 homes currently under construction and more than 2200 social and affordable homes contracted to be delivered. The Queensland Labor Party has also taken to heart the Property Council of Australia’s call for lower taxes and more initiatives to support build-to-rent projects and to encourage foreign investment in the state. In July, Miles announced that the Queensland Treasury would undertake a post-election review of state taxes and charges that affect the property industry. The PCA said that up to a third of the cost of a home is made up of taxes and charges. Queensland Treasurer Cameron Dick said that “Queensland Treasury is always looking at Queensland’s tax settings to ensure that we remain nationally and globally competitive”. “But given current housing market constraints, now is the right time to develop and undertake a review of the impact that state taxes and charges have on housing supply and the property sector. “This review will need to consider potential unintended consequences that changing settings could have on property prices.” Policies around investment in public transport links and projects and building more schools and hospitals have also been announced. And the Government has ramped up investment in environmental projects during the past few weeks as well as signalled a willingness to lower the cost of other public services to help with the rising cost of living. Liberal National Party of Queensland ▲ Liberal National Party for Queensland leader David Crisafulli. Party leader: David Crisafulli Shadow minister for planning: Jarrod Bleijie Shadow minister for housing: Tim Mander The conservative party has put forward its Securing Our Housing Foundations plan as its solution to the housing crisis. That plan, the party says, will deliver more homes by unlocking land for new housing, building better communities, boosting home ownership, easing rental pressure and helping those vulnerable and in need of housing. The party’s first step would be to abolish stamp duty on new homes for first-home buyers and to create a $165-million shared equity scheme to “close the deposit gap”. This is predicted to save new buyers more than $24,000 on a home worth $850,000. “Our plan will allow Queenslanders to get into their first home with as little as a 2 per cent deposit by funding 30 per cent equity in new homes and 25 per cent in existing homes, up to $750,000,” the party’s website says. Crisafulli also said that if elected, their government would reach the million new home target by 2044, two years ahead of the Labor Party’s deadline. Unlocking land would start with a new plan for each region and an infrastructure plan to support those regional plans. Economic Development Queensland would be refocused to deliver homes in Priority Development Areas and more community infrastructure would be planned and delivered. A $2-billion housing infrastructure investment fund would be created to help kickstart new housing developments along with $1 billion invested in housing infrastructure in regional communities. The party also says it will work directly with councils to streamline housing approvals. Instead of rental caps and freezes, the party plans to remove restrictions on first-home buyers renting rooms out during the first year of home ownership to increase rental supply. And they also plan to deliver up to $700 a year in savings by funding grants for solar panels on rental homes. If elected, the LNP says it will deliver 53,500 social and community homes by 2044 ,with 10,000 community homes built on church and charity-owned land in partnership with Community Housing groups, and with a target of 500 homes in two years. Crisafulli also plans emergency accommodation for vulnerable women and children with 10 new and replaced domestic and family violence shelters and a boost to after hours outreach homelessness services. Queensland Greens ▲ Queensland Greens MPs Michael Berkman and Amy MacMahon. The Greens do not choose a state leader Shadow minister for housing: Amy MacMahon Shadow minister for planning: Michael Berkman The Queensland Greens want to set up a public or state-owned developer to build 100,000 public homes for rental or purchase below market rates. This will come along with a bigger QBuild with 10,000 new construction jobs to help build those homes. “Our public developer is a powerful counter-cyclical tool, being able to soak up excess workforce capacity and financially unfeasible projects during downturns, ensuring that we don’t lose talent or capacity in secondary markets,” Amy MacMahon said. “An expanded QBuild would provide good, stable jobs for construction workers, with a steady pipeline of public housing construction.” They have also proposed a rent freeze for two years, capping ongoing rent increases at 1 per cent per year, and providing tenants with a guaranteed right to lease renewal, which would also mean assured income for investors. Home owners would have fair mortgage rates and no fees through a Queensland state bank. Investment in state-based renewable projects and creating new industries in green manufacturing is promised as is investment in public hospitals and emergency departments as well as other public infrastructure such as schools. The Greens have also flagged concerns about the state losing money through the privatisation of essential services and key infrastructure including ports, airports, railways and energy projects, and are keen to set up state ownership of such services. Public transport will be free, with the Greens hoping that the uptake in the use of such transport will continue and help drive the economy. You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. Click here to learn more.

Queensland Election: What the Parties are Promising Property

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