Build-to-Rent Pilot Project

The following quotes are attributable to Jen Williams, Queensland Deputy Executive Director, Property Council of Australia.

“The Property Council welcomes today’s announcement regarding the Government’s preferred proponents for its Build-to-Rent pilot project.

“This is as an important step in demonstrating how Government and the private sector can work together to deliver this new housing model in Queensland.

“However, given the pilot project was announced in December 2018, bolder, faster action will be required to scale up private investment and create much needed construction jobs in the sector.

“We know investment in housing is one of the most powerful and important job keepers and job multipliers, and as such must be a central pillar in Queensland’s economic recovery.

“We have already seen other states move faster than Queensland to attract new investment, and they are already reaping the benefits.

“NSW has halved land tax obligations and removed its foreign taxes for eligible Build-to-Rent projects for the next 20 years. As a result, major investors have shifted their focus to NSW.

“Unless our tax settings drastically change, Queensland will miss the opportunity to attract its share of this much-needed job-generating investment.

“In addition to finalising the pilot program, the Property Council is calling for Queensland to match or better NSW’s land tax reductions and remove its uncompetitive foreign land tax surcharges.”

Media contact: Jen Williams|  M  0448 432 936 |   E jwilliams@propertycouncil.com.au