Doubled investment to accelerate housing
Important infrastructure to be unlocked as half of the funding to go to regional areas of the state.
THE Queensland Government is further accelerating the $2 billion Residential Activation Fund to unlock thousands of additional homes.
Following the success of round one and overwhelming interest by councils and industry, round two of the Fund will be doubled from $500 million to $1 billion.
It is now the second time RAF funding has been doubled to cater to the demand for enabling infrastructure as well as the homes it delivers.
The government received even more submissions for round two – 209, with 73 in South East Queensland and 136 from regional, rural and remote Queensland.
Round one is already unlocking more than 98,000 homes across 98 projects throughout the state, with thousands more homes now slated to get underway soon to address the housing crisis.
The RAF helps ensure essential infrastructure like water, sewerage, roads and power is in place, unlocking more land to support growing communities.
Round two continues to ensure regional Queensland benefits, with at least half of the funding to be allocated to projects in rural and regional Queensland.
The initiative is a key part of the government’s Securing Our Housing Foundations Plan to deliver one million new homes by 2044.
Premier David Crisafulli said the government was delivering on the fresh start that was promised, with a better plan for Queensland’s future.
“For too long, the dream of being able to walk through your own front door has been ripped further and further away – we’re making that dream a reality,” Crisafulli said.
“By fast-tracking the funding, we can get the critical infrastructure in place sooner, ensuring more Queensland families can have a place to call home no matter where they live.”
Jarrod Bleijie, deputy premier and minister for state development, infrastructure and planning, said the overwhelming response to the RAF underscored its critical role.
“We’re literally building momentum. Homes are already out of ground and keys are being handed over thanks to the RAF, which is delivering new housing supply faster,” Bleijie said.
“A key way we can play our part is to unlock land and break down barriers that have been holding back councils and the industry.
“Availability equals affordability and by ensuring supply is unlocked, while also delivering a record number of social and affordable homes and support for first homebuyers, we’re delivering a place to call home for more Queenslanders.”
UDIA CEO Kirsty Chessher-Brown the RAF was tackling the real problems constraining housing supply.
“RAF has made a tangible and sizeable impact and this announcement to boost the allocation of funding in round two will boost supply and improve speed to market,” Chessher-Brown said.
“Infrastructure servicing has been one of the biggest challenges facing the property industry, holding back hundreds of thousands of homes across the state.
“RAF delivers a real solution, offering a meaningful quantum of funds and a streamlined application and assessment process to boost supply.
“It’s no surprise that the Fund is already facilitating real outcomes for Queenslanders, nor that it has been met with an overwhelming response from the industry.”
