The Queensland government has taken a significant step to improve housing affordability for first-home buyers. New changes, effective immediately, allow first-home buyers to sublet rooms in their property without losing access to grants or concessions. This move is expected to benefit around 20,000 Queenslanders annually and addresses a pressing issue in the state with the lowest homeownership rate in Australia.
Queensland Treasurer David Janetzki highlighted the impact of this decision, stating, “This helps make home ownership more affordable, helping young Queenslanders to get their foot on the property ladder.” He emphasised that rising rents and home deposit costs have made it increasingly difficult for young people to enter the property market, with a historic high of over 10 years needed to save a 20% deposit in Brisbane.
The measure is part of a broader affordability strategy by the newly elected Crisafulli government, including abolishing stamp duty for new builds and introducing a $165 million shared equity scheme. Under the equity scheme, first-home buyers could purchase properties valued up to $750,000 with just a 2% deposit, further easing barriers to home ownership.
This change has garnered support from housing and real estate bodies. Kat Beavon, acting CEO of the Real Estate Institute of Queensland, praised the initiative as a “common-sense measure” that benefits buyers and renters by addressing the urgent need for rental supply in Queensland’s tight housing market.
While these steps are promising, industry leaders like Michael Roberts of the Housing Industry Association caution that comprehensive solutions are needed to resolve the housing crisis. As Roberts noted, “There is no single silver bullet solution to this problem.”
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