Billion-dollar State budget boost to tackle housing crisis
Australian Conveyancer looks at some of the wins for home buyers, property investors and developers who are receiving more than $1.3 billion across New South Wales, Queensland and the ACT.
TACKLING Australia’s housing crisis is the big highlight from this week’s three State budgets
Here we look at some of the wins for home buyers, property investors and developers who are receiving more than $1.3 billion across New South Wales, Queensland and the ACT.
Property developers (NSW)
NSW Treasurer Daniel Mookhey is backing developers with an Australian-first $1 billion pre-sale guarantee to get projects off the ground.
They can borrow to build medium-density housing knowing the government will buy unsold stock up to the value of $50 million per development.
A further $83.4 million is allocated to fast-track planning approvals, aimed at boosting housing supply.
“A housing crisis that was decades in the making will not end overnight. So let us all resolve to keep building,” Mookhey said.
Tradie apprentices (NSW)
A $40.2 million initiative will deliver up to 90,000 fee-free apprenticeships—supporting the pipeline of skilled workers needed to meet construction demands.
Cutting red tape (NSW)
Planning approval accelerationto fast-track housing development approvals is getting a $83.4 million boost.
First home buyers (QLD)
Queensland is removing stamp duty for first home buyers purchasing new builds and introducing a $165 million shared equity scheme.
Treasurer David Janetzki’s first budget unveiled the Boost to Buy scheme for first home buyers that could get them into the housing market with a deposit as little as 2 per cent of the purchase price.
The scheme will allow up to 1,000 young Queenslanders to buy a property worth up to $1 million that low deposit.
“I want ‘Boost to Buy’ to drive home ownership in Queensland,” he said.
“The government wants you to have hope to own a home.”
Foreign investors (QLD)
Queensland is updating its ex-gratia tax process to allow some overseas investors to bypass foreign buyer surcharges, particularly in high-density residential and agriculture sectors—intended to encourage more housing development.
Canberra home buyers (ACT)
While stamp duty concessions will apply to homes priced up to $1.02 million—up from the current $1 million cap, Treasurer Chris Steel had a tough budget to deliver driven by the cost of healthcare.
Though he did commit to building 30,000 new homes in Canberra by 2030.
“The importance of having a home cannot be understated,” he said.
“That’s why this budget advances work to deliver more affordable housing, whether you’re a first home buyer, ageing in place or supporting a growing family.”
