The Property Council of Australia has released alarming new research showing housing affordability in Queensland has gone from bad to worse.
This research, an update of a report first published in 2007, predicted that without long term pragmatic policy solutions, a housing crisis of dire proportions was in our future. Fast forward 16 years and our refresh shows that day has come. Affordability and supply crisis in the housing market has only worsened – particularly in South East Queensland. Not only is the dream of owning a home in are some parts of our state beyond reach; it is also beyond hope.
Key findings include:
- Buying an established home is beyond hope for a single income household, and beyond reach for a dual income household
- Buying an established unit or a new house and land package is beyond reach for a dual income household
- Buying a new house and land package is unaffordable for a dual income household
- For a single income household renting is also unaffordable
- Rental vacancies are at historic lows across Queensland (1 per cent)
The growing gap between the cost of new housing and what Queenslanders can afford is an alarming reminder of the crisis prevailing policy settings have created.
This report underscores that a fundamental shift in how we approach housing from both regulatory and taxation perspectives is imperative. Addressing only the symptomatic issues without tackling the root causes— the systemic problems—will leave us facing an even graver situation in the future.
Our findings indicate that homeownership is increasingly unattainable for many Queenslanders, signalling a clear call to action for policymakers. The reliance on property-related fees and charges, which constitute over 38 per cent of the State’s taxation revenue for FY 24, highlights the deep-seated dependency on property to fund the state’s budget.
Now is the time for change, ensuring that future generations of Queenslanders can realistically aspire to the great Australian Dream of homeownership
