Jen Williams, Queensland Executive Director, Property Council of Australia
It’s been a big few weeks for housing. First, a Housing Roundtable. Then, the Queensland Housing Summit. And now, a National Housing Accord. With research released by the Property Council last month revealing the pace of interstate migration into Queensland is showing no signs of slowing down, this action couldn’t come sooner.
Queensland isn’t alone in facing an undersupply of housing- it is a challenge being felt in many cities and countries across the world. However, given our State’s incredible growth trajectory, there is significantly greater pressure on Queensland to deliver more (and more diverse) homes sooner.
The Queensland Housing Summit was a very welcome step in addressing the State’s housing crisis. There was widespread acknowledgement from attendees that availability of housing (rather than affordability) is now the biggest issue Queensland is facing.
Right across the housing continuum, from crisis accommodation through to private home ownership, the supply of housing in cities and regions across Queensland has failed to keep pace with demand. And given housing operates on a continuum, it is often the most vulnerable and least able to afford rising rents or mortgages, who get squeezed out of the market by those with a greater capacity to pay.
As a stakeholder at the Housing Summit, this alignment of thinking was not altogether unexpected, but it was welcome. Ahead of the day, there may have been a fear of finger-pointing or grandstanding, but none of this occurred. Instead, it was widely acknowledged that everyone- public, private, not-for-profit, community or business- all have a stake in getting this right.
It was agreed that the shortage of housing is not an issue that emerged overnight, and as such, there are no ‘quick fixes’ that will see the problem disappear overnight.
It is going to take a whole range of short-, medium- and long-term solutions to fix this crisis, along with significant funding, bold decision-making, and a willingness to challenge some sacred cows along the way.
So far, there have been a handful of welcome announcements from the Queensland Government that have started the wheels turning. When the outcomes report from the Summit is tabled in Parliament in November, it is crucial that it looks beyond social housing, to how we can unlock activity across the private sector, which accounts for around 97 per cent of housing in Queensland.
The National Housing Accord- announced last week through the Federal Budget- must not be seen as a reason to delay bold decisions arising from the Summit. The Accord is yet to be fleshed out, however it gets the tone right in seeking to partner across the Commonwealth and State Governments, and with the property industry.
Combined with a new supply council, a revised funding facility and refreshed agreements with the states and territories, the Accord could be a long-term gamechanger… but it is not scheduled to take effect until 2024.
Queensland cannot sit back and wait another two years for the Accord to be finalised. Property Council research shows over 70 per cent of people fear younger generations will never be able to buy a home in this country. The Housing Summit reinforced we have reached crisis point. And as the Premier said in her opening remarks, families out there are counting on us.