This article is from the Australian Property Journal archive
THE Queensland government is upping its Housing Investment Fund to $2 billion, to get more people into new homes across the Sunshine State.
The $1 billion boost to the Housing Investment Fund will help bring more than 13,000 new homes to commencement, with the increase also meaning a greater target of 5,600 new social and affordable homes by June 2027.
“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,” said Annastacia Palaszczuk, premier.
Cameron Dick, treasurer and minister for trade and investment, noted that an increase to the fund was needed against the current housing and construction climate, with supply low and the costs of materials and labour on the rise.
“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,” said Dick.
“Tackling housing affordability is not just about more money, it’s also about more innovative solutions.”
Such solutions include the Australian-first partnership between the Queensland Investment Corporation, Australia’s second-largest super fund Australian Retirement Trust and Brisbane Housing Company to deliver more affordable and social housing across the state.
“We want to encourage more opportunities for private sector investment, including from superannuation funds, to create another supply pipeline for housing,” added Dick.
The additional $1 billion injection into the fund brings the current government’s investment into social and affordable housing up to nearly $4 billion, the largest concentrated investment in the state’s history.
“Unprecedented pressure on the housing market has highlighted the importance of government and the private sector working together to deliver positive outcomes for all Queenslanders in need of housing solutions,” said Leeanne Enoch, minister for housing and communities.”
“I’m proud that the Palaszczuk Government is taking immediate action by providing these crucial funds to ensure every Queenslander has access to safe, secure and affordable housing.”
