How much more rental reform can Queensland Cop

The REIQ expresses concerns about the Albanese Government’s recent announcement to develop a plan for nationwide strengthening of renters’ rights, viewing it as another blow to property investor confidence in Queensland. The lack of details in the announcement raises worries that the government has succumbed to pressure from the Greens and may further hinder property investment in the state.

REIQ CEO Antonia Mercorella finds it illogical to introduce nationwide rental reforms while Queensland is already grappling with extensive stage one rental reforms implemented last October, with phase two rental reforms currently being consulted. She highlights that the state has already undergone numerous rental reforms to enhance tenant rights.

The constant barrage of rental legislative changes, including the recent implementation of rent control measures, has a cumulative impact that should be considered.

Mercorella emphasises the need to strike a balance and avoid tipping the scales too far in favour of either party. Adequate tenant protections should be provided while ensuring that investors remain active in the Queensland rental market.

While recognising the importance of housing supply planning on the national agenda, Mercorella questions the Federal Government’s intentions in proposing to control rental law reforms across Australia. She points out that most jurisdictions have already enacted significant rental law reforms, making national uniformity complex due to varying legislation and regional differences. Each state has unique circumstances and rental market dynamics, necessitating tailored approaches.

With its higher rental population compared to the national average, Queensland relies heavily on private investors to provide housing for renters. The unique nuances and recent history of rental legislation should be considered, considering that what works in one state or market may not be suitable for another.

In summary, the REIQ raises concerns about the impact of nationwide rental reforms on property investor confidence in Queensland, emphasising the need for balance and tailored approaches to tenancy legislation. While recognising the importance of housing supply planning, the complex nature of achieving national uniformity in rental laws is highlighted, along with the unique reliance on private investors in Queensland’s rental market.

Enhancing Housing Availability and Affordability through Reforms

According to Ms Mercorella, the REIQ backs the collaboration of all three levels of government to propose reforms aimed at boosting housing supply, improving affordability, and effectively managing urban and rural growth within the next six months.

However, she advises the government to exercise caution, as imposing additional restrictions on investors would likely exacerbate the issue of housing affordability. She compares the current reforms to “magic pudding reforms,” suggesting scepticism about their practicality and effectiveness.

Pathways to Home Ownership: Opening Up New Opportunities

Ms Mercorella expressed the REIQ’s positive reception of the Federal Government’s innovative approach to expanding three grant schemes: the First Home Guarantee, the Regional First Home Guarantee, and the Family Home Guarantee.

She highlighted that while the mechanism of the grants remains unchanged, the eligibility criteria have been broadened to be more progressive, enabling more individuals to access this vital support. Notably, “any two eligible individuals” within the definition of couples means that parent and child duos, siblings, or friends are no longer excluded from this assistance.

This change should come as a relief to those who often collaborate and pair up to purchase a property.

While welcoming innovative support for buyers entering the market and acknowledging the capped number of available places, it is crucial to ensure that demand-driving factors are counterbalanced by measures that enhance the housing supply. This is necessary to safeguard long-term affordability and prevent any adverse impact.

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