Latest news with #BoosttoBuy
The Advertiser
2 days ago
- Business
- The Advertiser
'Temu version': opposition lashes visionless budget
A state opposition has detailed how it will solve the housing crisis after labelling a government's budget a "sad state of affairs". Queensland Opposition Leader Steven Miles has taken aim at the Liberal National government's first budget since 2014, claiming it lacks vision and duplicates Labor's ideas. Mr Miles said Labor's 50-cent fares initiative, health checks for kindergarten kids and sports vouchers were all implemented in the LNP budget unveiled on Tuesday. "It's just a Temu version of what we had planned," he told parliament in his budget reply on Thursday. "This budget ... lacks vision, it lacks delivery, and it fails to prepare our state for the future. "It's a sad state of affairs." Amid a plethora of jabs criticising the LNP for the record $205 billion debt by 2028/29 while lacking cost-of-living relief, Mr Miles put forward the opposition's plan to solve the housing crisis. Labor proposed extending its land tax concession indefinitely, matching NSW's recent commitment, if the party won the next state election in 2028. It means land tax will be reduced by 50 per cent for build-to-rent developments that include at least 10 per cent affordable rental homes. "By extending the land tax concession here in Queensland, we will further cement the Sunshine State as the place to invest," Mr Miles said. Queensland Labor introduced the concessions in 2023, ensuring they were available for 20 years. NSW's land tax concessions were set to end in 2039 but were indefinitely extended in its state budget this week to increase investment and supply. The LNP committed more than $8 billion in the Queensland budget to improve housing, including its landmark "Boost to Buy" program to provide 1000 first-home buyers 30 per cent equity on new builds and 25 per cent on existing. Mr Miles slammed the signature policy for being too small to make a difference, saying it helped about one per cent of first homebuyers a year. "Experts say it won't distort the market, because it is too small to make any measurable difference," he said. Labor also pledged $10 million to help social organisations scale up their food production and distribution to keep up with the demand on food banks. Deputy Premier Jarrod Bleijie labelled the opposition's reply "underwhelming", criticising Mr Miles for spending the majority of his speech condemning the LNP. "It was an embarrassing budget reply speech with no new initiatives," he told parliament. "They've got no views for the history, for the future of Queensland." The budget reply came after the state parliament rammed through laws to ensure Brisbane 2032 venues, including the centrepiece Victoria Park stadium, were exempt from local planning laws. Games infrastructure will not be subject to 15 planning laws, including environmental and heritage protections, with final sign-off given to the state government not local councils. Mr Bleijie vowed to have major Olympic projects under construction "pretty soon". "You're going to see a lot of work in a very short period of time," he said on Thursday. The new laws also mean energy developers will need to undertake community consultation before renewable project approvals. The passing of the laws earned the ire of activist group Save Victoria Park, which says the government "closed its ears" to community outrage. A state opposition has detailed how it will solve the housing crisis after labelling a government's budget a "sad state of affairs". Queensland Opposition Leader Steven Miles has taken aim at the Liberal National government's first budget since 2014, claiming it lacks vision and duplicates Labor's ideas. Mr Miles said Labor's 50-cent fares initiative, health checks for kindergarten kids and sports vouchers were all implemented in the LNP budget unveiled on Tuesday. "It's just a Temu version of what we had planned," he told parliament in his budget reply on Thursday. "This budget ... lacks vision, it lacks delivery, and it fails to prepare our state for the future. "It's a sad state of affairs." Amid a plethora of jabs criticising the LNP for the record $205 billion debt by 2028/29 while lacking cost-of-living relief, Mr Miles put forward the opposition's plan to solve the housing crisis. Labor proposed extending its land tax concession indefinitely, matching NSW's recent commitment, if the party won the next state election in 2028. It means land tax will be reduced by 50 per cent for build-to-rent developments that include at least 10 per cent affordable rental homes. "By extending the land tax concession here in Queensland, we will further cement the Sunshine State as the place to invest," Mr Miles said. Queensland Labor introduced the concessions in 2023, ensuring they were available for 20 years. NSW's land tax concessions were set to end in 2039 but were indefinitely extended in its state budget this week to increase investment and supply. The LNP committed more than $8 billion in the Queensland budget to improve housing, including its landmark "Boost to Buy" program to provide 1000 first-home buyers 30 per cent equity on new builds and 25 per cent on existing. Mr Miles slammed the signature policy for being too small to make a difference, saying it helped about one per cent of first homebuyers a year. "Experts say it won't distort the market, because it is too small to make any measurable difference," he said. Labor also pledged $10 million to help social organisations scale up their food production and distribution to keep up with the demand on food banks. Deputy Premier Jarrod Bleijie labelled the opposition's reply "underwhelming", criticising Mr Miles for spending the majority of his speech condemning the LNP. "It was an embarrassing budget reply speech with no new initiatives," he told parliament. "They've got no views for the history, for the future of Queensland." The budget reply came after the state parliament rammed through laws to ensure Brisbane 2032 venues, including the centrepiece Victoria Park stadium, were exempt from local planning laws. Games infrastructure will not be subject to 15 planning laws, including environmental and heritage protections, with final sign-off given to the state government not local councils. Mr Bleijie vowed to have major Olympic projects under construction "pretty soon". "You're going to see a lot of work in a very short period of time," he said on Thursday. The new laws also mean energy developers will need to undertake community consultation before renewable project approvals. The passing of the laws earned the ire of activist group Save Victoria Park, which says the government "closed its ears" to community outrage. A state opposition has detailed how it will solve the housing crisis after labelling a government's budget a "sad state of affairs". Queensland Opposition Leader Steven Miles has taken aim at the Liberal National government's first budget since 2014, claiming it lacks vision and duplicates Labor's ideas. Mr Miles said Labor's 50-cent fares initiative, health checks for kindergarten kids and sports vouchers were all implemented in the LNP budget unveiled on Tuesday. "It's just a Temu version of what we had planned," he told parliament in his budget reply on Thursday. "This budget ... lacks vision, it lacks delivery, and it fails to prepare our state for the future. "It's a sad state of affairs." Amid a plethora of jabs criticising the LNP for the record $205 billion debt by 2028/29 while lacking cost-of-living relief, Mr Miles put forward the opposition's plan to solve the housing crisis. Labor proposed extending its land tax concession indefinitely, matching NSW's recent commitment, if the party won the next state election in 2028. It means land tax will be reduced by 50 per cent for build-to-rent developments that include at least 10 per cent affordable rental homes. "By extending the land tax concession here in Queensland, we will further cement the Sunshine State as the place to invest," Mr Miles said. Queensland Labor introduced the concessions in 2023, ensuring they were available for 20 years. NSW's land tax concessions were set to end in 2039 but were indefinitely extended in its state budget this week to increase investment and supply. The LNP committed more than $8 billion in the Queensland budget to improve housing, including its landmark "Boost to Buy" program to provide 1000 first-home buyers 30 per cent equity on new builds and 25 per cent on existing. Mr Miles slammed the signature policy for being too small to make a difference, saying it helped about one per cent of first homebuyers a year. "Experts say it won't distort the market, because it is too small to make any measurable difference," he said. Labor also pledged $10 million to help social organisations scale up their food production and distribution to keep up with the demand on food banks. Deputy Premier Jarrod Bleijie labelled the opposition's reply "underwhelming", criticising Mr Miles for spending the majority of his speech condemning the LNP. "It was an embarrassing budget reply speech with no new initiatives," he told parliament. "They've got no views for the history, for the future of Queensland." The budget reply came after the state parliament rammed through laws to ensure Brisbane 2032 venues, including the centrepiece Victoria Park stadium, were exempt from local planning laws. Games infrastructure will not be subject to 15 planning laws, including environmental and heritage protections, with final sign-off given to the state government not local councils. Mr Bleijie vowed to have major Olympic projects under construction "pretty soon". "You're going to see a lot of work in a very short period of time," he said on Thursday. The new laws also mean energy developers will need to undertake community consultation before renewable project approvals. The passing of the laws earned the ire of activist group Save Victoria Park, which says the government "closed its ears" to community outrage. A state opposition has detailed how it will solve the housing crisis after labelling a government's budget a "sad state of affairs". Queensland Opposition Leader Steven Miles has taken aim at the Liberal National government's first budget since 2014, claiming it lacks vision and duplicates Labor's ideas. Mr Miles said Labor's 50-cent fares initiative, health checks for kindergarten kids and sports vouchers were all implemented in the LNP budget unveiled on Tuesday. "It's just a Temu version of what we had planned," he told parliament in his budget reply on Thursday. "This budget ... lacks vision, it lacks delivery, and it fails to prepare our state for the future. "It's a sad state of affairs." Amid a plethora of jabs criticising the LNP for the record $205 billion debt by 2028/29 while lacking cost-of-living relief, Mr Miles put forward the opposition's plan to solve the housing crisis. Labor proposed extending its land tax concession indefinitely, matching NSW's recent commitment, if the party won the next state election in 2028. It means land tax will be reduced by 50 per cent for build-to-rent developments that include at least 10 per cent affordable rental homes. "By extending the land tax concession here in Queensland, we will further cement the Sunshine State as the place to invest," Mr Miles said. Queensland Labor introduced the concessions in 2023, ensuring they were available for 20 years. NSW's land tax concessions were set to end in 2039 but were indefinitely extended in its state budget this week to increase investment and supply. The LNP committed more than $8 billion in the Queensland budget to improve housing, including its landmark "Boost to Buy" program to provide 1000 first-home buyers 30 per cent equity on new builds and 25 per cent on existing. Mr Miles slammed the signature policy for being too small to make a difference, saying it helped about one per cent of first homebuyers a year. "Experts say it won't distort the market, because it is too small to make any measurable difference," he said. Labor also pledged $10 million to help social organisations scale up their food production and distribution to keep up with the demand on food banks. Deputy Premier Jarrod Bleijie labelled the opposition's reply "underwhelming", criticising Mr Miles for spending the majority of his speech condemning the LNP. "It was an embarrassing budget reply speech with no new initiatives," he told parliament. "They've got no views for the history, for the future of Queensland." The budget reply came after the state parliament rammed through laws to ensure Brisbane 2032 venues, including the centrepiece Victoria Park stadium, were exempt from local planning laws. Games infrastructure will not be subject to 15 planning laws, including environmental and heritage protections, with final sign-off given to the state government not local councils. Mr Bleijie vowed to have major Olympic projects under construction "pretty soon". "You're going to see a lot of work in a very short period of time," he said on Thursday. The new laws also mean energy developers will need to undertake community consultation before renewable project approvals. The passing of the laws earned the ire of activist group Save Victoria Park, which says the government "closed its ears" to community outrage.
The Age
3 days ago
- Business
- The Age
Will the LNP's new scheme help me become a first-home buyer?
For the first time, I've found myself in a position to consider homeownership. 'Consider' is still very much the operative word, but it's a step up from 'I'll never break out of the rental market, here's to a life of permanent frivolity'. Buying my first home (which will probably be a small unit if I want to be close to the city) became less of a foreign concept after the Crisafulli government announced a new shared equity scheme as part of this week's state budget. A shared equity scheme essentially allows the government to chip in and help you buy a home, with the equity they own either paid back over the time you live in it, or when you sell. Under Queensland's Boost to Buy program, the government will contribute up to 30 per cent equity for a new build, or 25 per cent for an existing home, for properties worth up to $1 million, with a minimum 2 per cent deposit. Singles earning up to $150,000, or two adults with a combined income of $225,000, would be eligible to apply. This is really aimed at helping those of us who don't have the bank of mum, dad or benevolent benefactor to chip in for a house deposit, or a realistic way to save $100,000 in a meaningful timeframe, which is basically what I'd need to afford a deposit now in Brisbane. Loading 'Queenslanders shouldn't be locked out of buying a home because they don't have the bank of mum and dad,' Premier David Crisafulli said on Tuesday. The government has also extended the $30,000 grant for first homes and land under $750,000 until June 2026, and abolished stamp duty for first home buyers purchasing a new build. While I meet the criteria for the Boost to Buy program, I'm not getting too excited that this alone will change my housing prospects. The scheme is only available for 1000 applicants, and even with the deposit sorted, there could still be a significant mortgage to manage.
Sydney Morning Herald
3 days ago
- Business
- Sydney Morning Herald
Will the LNP's new scheme help me become a first-home buyer?
For the first time, I've found myself in a position to consider homeownership. 'Consider' is still very much the operative word, but it's a step up from 'I'll never break out of the rental market, here's to a life of permanent frivolity'. Buying my first home (which will probably be a small unit if I want to be close to the city) became less of a foreign concept after the Crisafulli government announced a new shared equity scheme as part of this week's state budget. A shared equity scheme essentially allows the government to chip in and help you buy a home, with the equity they own either paid back over the time you live in it, or when you sell. Under Queensland's Boost to Buy program, the government will contribute up to 30 per cent equity for a new build, or 25 per cent for an existing home, for properties worth up to $1 million, with a minimum 2 per cent deposit. Singles earning up to $150,000, or two adults with a combined income of $225,000, would be eligible to apply. This is really aimed at helping those of us who don't have the bank of mum, dad or benevolent benefactor to chip in for a house deposit, or a realistic way to save $100,000 in a meaningful timeframe, which is basically what I'd need to afford a deposit now in Brisbane. Loading 'Queenslanders shouldn't be locked out of buying a home because they don't have the bank of mum and dad,' Premier David Crisafulli said on Tuesday. The government has also extended the $30,000 grant for first homes and land under $750,000 until June 2026, and abolished stamp duty for first home buyers purchasing a new build. While I meet the criteria for the Boost to Buy program, I'm not getting too excited that this alone will change my housing prospects. The scheme is only available for 1000 applicants, and even with the deposit sorted, there could still be a significant mortgage to manage.
The Advertiser
3 days ago
- Business
- The Advertiser
Alarm as LNP takes wind out of energy plan, renewables
A milestone budget has come under fire for lacking a renewable energy plan as industry leaders raise concerns investors might be turned away. Queensland's Liberal National government has been praised for a "nation-leading" home ownership scheme and record health funding after it handed down its first budget since 2014. But the fiscal roadmap fell well short for environmentalists, who said it lacked an energy plan to secure investor confidence. "One of the things we're seeing as a result of this lack of plan is that they're spending some money really unwisely," Queensland Conservation Council director Dave Copeman told AAP. Budget papers cemented the LNP's pre-election promise to scrap targets set by the former Labor government to reach 50 per cent renewable energy in the power grid by 2030, 70 per cent by 2032 and 80 per cent by 2035. The state will no longer track how much renewable energy is contributing to the grid, calling it a "discontinued measure". Renewable energy - including wind, solar and hydro - accounted for more than a quarter of the state's power in 2024/25 while coal contributed nearly 65 per cent, with the remainder supplied from gas. Solar was the biggest contributor among renewable energy sources. Mr Copeman said the energy system measurement metric provided investors with confidence about the state market's future for renewable projects. He warned the LNP government's move might push investors away from Queensland because of a lack of clarity over the state's energy plan and transition time frame. "Now that treasury and energy no longer have that metric, they don't have a plan, so they're really working a bit in the dark - that's not good for Queensland." Mr Copeman also slammed the government's $1.6 billion plan to prop up ageing coal-fired power stations as a "waste of money". The government's renewable energy stance appeared to be based on LNP stakeholder input, University of Queensland economist John Quiggin said. "Essentially, you've got a lot of people who are just hostile to the whole idea for purely cultural reasons," he told AAP. A bill set to pass state parliament on Wednesday will require renewable energy developers to undertake community consultation prior to project approvals. But Treasurer David Janetzki promised to deliver his government's energy roadmap by the end of 2025. He has backed the incomplete energy plan, celebrating $79 million to progress development of pumped-hydro projects at Mt Rawdon and Cressbrook along with another at Borumba for $355 million. "We promised to fund smaller, more manageable pumped hydro projects and we are delivering on that promise," Mr Janetzki said. The budget on Tuesday predicted a record $205 billion in debt by 2028/29. A splash on housing paved the way for more first homebuyers, providing 30 per cent equity in new builds and 25 per cent in existing homes of up to $1 million for 1000 Queenslanders. The "Boost to Buy" scheme will cost $165 million over the next two years and applies to singles earning up to $150,000 and couples up to $225,000. A record health investment included an $18.5 billion plan to deliver 2600 new beds and three more hospitals. A milestone budget has come under fire for lacking a renewable energy plan as industry leaders raise concerns investors might be turned away. Queensland's Liberal National government has been praised for a "nation-leading" home ownership scheme and record health funding after it handed down its first budget since 2014. But the fiscal roadmap fell well short for environmentalists, who said it lacked an energy plan to secure investor confidence. "One of the things we're seeing as a result of this lack of plan is that they're spending some money really unwisely," Queensland Conservation Council director Dave Copeman told AAP. Budget papers cemented the LNP's pre-election promise to scrap targets set by the former Labor government to reach 50 per cent renewable energy in the power grid by 2030, 70 per cent by 2032 and 80 per cent by 2035. The state will no longer track how much renewable energy is contributing to the grid, calling it a "discontinued measure". Renewable energy - including wind, solar and hydro - accounted for more than a quarter of the state's power in 2024/25 while coal contributed nearly 65 per cent, with the remainder supplied from gas. Solar was the biggest contributor among renewable energy sources. Mr Copeman said the energy system measurement metric provided investors with confidence about the state market's future for renewable projects. He warned the LNP government's move might push investors away from Queensland because of a lack of clarity over the state's energy plan and transition time frame. "Now that treasury and energy no longer have that metric, they don't have a plan, so they're really working a bit in the dark - that's not good for Queensland." Mr Copeman also slammed the government's $1.6 billion plan to prop up ageing coal-fired power stations as a "waste of money". The government's renewable energy stance appeared to be based on LNP stakeholder input, University of Queensland economist John Quiggin said. "Essentially, you've got a lot of people who are just hostile to the whole idea for purely cultural reasons," he told AAP. A bill set to pass state parliament on Wednesday will require renewable energy developers to undertake community consultation prior to project approvals. But Treasurer David Janetzki promised to deliver his government's energy roadmap by the end of 2025. He has backed the incomplete energy plan, celebrating $79 million to progress development of pumped-hydro projects at Mt Rawdon and Cressbrook along with another at Borumba for $355 million. "We promised to fund smaller, more manageable pumped hydro projects and we are delivering on that promise," Mr Janetzki said. The budget on Tuesday predicted a record $205 billion in debt by 2028/29. A splash on housing paved the way for more first homebuyers, providing 30 per cent equity in new builds and 25 per cent in existing homes of up to $1 million for 1000 Queenslanders. The "Boost to Buy" scheme will cost $165 million over the next two years and applies to singles earning up to $150,000 and couples up to $225,000. A record health investment included an $18.5 billion plan to deliver 2600 new beds and three more hospitals. A milestone budget has come under fire for lacking a renewable energy plan as industry leaders raise concerns investors might be turned away. Queensland's Liberal National government has been praised for a "nation-leading" home ownership scheme and record health funding after it handed down its first budget since 2014. But the fiscal roadmap fell well short for environmentalists, who said it lacked an energy plan to secure investor confidence. "One of the things we're seeing as a result of this lack of plan is that they're spending some money really unwisely," Queensland Conservation Council director Dave Copeman told AAP. Budget papers cemented the LNP's pre-election promise to scrap targets set by the former Labor government to reach 50 per cent renewable energy in the power grid by 2030, 70 per cent by 2032 and 80 per cent by 2035. The state will no longer track how much renewable energy is contributing to the grid, calling it a "discontinued measure". Renewable energy - including wind, solar and hydro - accounted for more than a quarter of the state's power in 2024/25 while coal contributed nearly 65 per cent, with the remainder supplied from gas. Solar was the biggest contributor among renewable energy sources. Mr Copeman said the energy system measurement metric provided investors with confidence about the state market's future for renewable projects. He warned the LNP government's move might push investors away from Queensland because of a lack of clarity over the state's energy plan and transition time frame. "Now that treasury and energy no longer have that metric, they don't have a plan, so they're really working a bit in the dark - that's not good for Queensland." Mr Copeman also slammed the government's $1.6 billion plan to prop up ageing coal-fired power stations as a "waste of money". The government's renewable energy stance appeared to be based on LNP stakeholder input, University of Queensland economist John Quiggin said. "Essentially, you've got a lot of people who are just hostile to the whole idea for purely cultural reasons," he told AAP. A bill set to pass state parliament on Wednesday will require renewable energy developers to undertake community consultation prior to project approvals. But Treasurer David Janetzki promised to deliver his government's energy roadmap by the end of 2025. He has backed the incomplete energy plan, celebrating $79 million to progress development of pumped-hydro projects at Mt Rawdon and Cressbrook along with another at Borumba for $355 million. "We promised to fund smaller, more manageable pumped hydro projects and we are delivering on that promise," Mr Janetzki said. The budget on Tuesday predicted a record $205 billion in debt by 2028/29. A splash on housing paved the way for more first homebuyers, providing 30 per cent equity in new builds and 25 per cent in existing homes of up to $1 million for 1000 Queenslanders. The "Boost to Buy" scheme will cost $165 million over the next two years and applies to singles earning up to $150,000 and couples up to $225,000. A record health investment included an $18.5 billion plan to deliver 2600 new beds and three more hospitals. A milestone budget has come under fire for lacking a renewable energy plan as industry leaders raise concerns investors might be turned away. Queensland's Liberal National government has been praised for a "nation-leading" home ownership scheme and record health funding after it handed down its first budget since 2014. But the fiscal roadmap fell well short for environmentalists, who said it lacked an energy plan to secure investor confidence. "One of the things we're seeing as a result of this lack of plan is that they're spending some money really unwisely," Queensland Conservation Council director Dave Copeman told AAP. Budget papers cemented the LNP's pre-election promise to scrap targets set by the former Labor government to reach 50 per cent renewable energy in the power grid by 2030, 70 per cent by 2032 and 80 per cent by 2035. The state will no longer track how much renewable energy is contributing to the grid, calling it a "discontinued measure". Renewable energy - including wind, solar and hydro - accounted for more than a quarter of the state's power in 2024/25 while coal contributed nearly 65 per cent, with the remainder supplied from gas. Solar was the biggest contributor among renewable energy sources. Mr Copeman said the energy system measurement metric provided investors with confidence about the state market's future for renewable projects. He warned the LNP government's move might push investors away from Queensland because of a lack of clarity over the state's energy plan and transition time frame. "Now that treasury and energy no longer have that metric, they don't have a plan, so they're really working a bit in the dark - that's not good for Queensland." Mr Copeman also slammed the government's $1.6 billion plan to prop up ageing coal-fired power stations as a "waste of money". The government's renewable energy stance appeared to be based on LNP stakeholder input, University of Queensland economist John Quiggin said. "Essentially, you've got a lot of people who are just hostile to the whole idea for purely cultural reasons," he told AAP. A bill set to pass state parliament on Wednesday will require renewable energy developers to undertake community consultation prior to project approvals. But Treasurer David Janetzki promised to deliver his government's energy roadmap by the end of 2025. He has backed the incomplete energy plan, celebrating $79 million to progress development of pumped-hydro projects at Mt Rawdon and Cressbrook along with another at Borumba for $355 million. "We promised to fund smaller, more manageable pumped hydro projects and we are delivering on that promise," Mr Janetzki said. The budget on Tuesday predicted a record $205 billion in debt by 2028/29. A splash on housing paved the way for more first homebuyers, providing 30 per cent equity in new builds and 25 per cent in existing homes of up to $1 million for 1000 Queenslanders. The "Boost to Buy" scheme will cost $165 million over the next two years and applies to singles earning up to $150,000 and couples up to $225,000. A record health investment included an $18.5 billion plan to deliver 2600 new beds and three more hospitals.
Courier-Mail
4 days ago
- Business
- Courier-Mail
Housing concession wars: Aus ‘most attractive' handout revealed
In a daring move, an Aussie state is shaking up the housing concession wars, giving the 'most attractive in the nation' chance to house hunters to buy their first home. The move, announced in the Queensland budget by treasurer David Janetzk on Tuesday, has seen wide support from real estate lobby groups in the first LNP state government budget here in a decade. MORE: Brutal honesty sends 46-year Aus family home viral All the tax write offs Aussies can claim MORE: Mayor lands massive $1.15m payday ATO's dragnet: Millions of side hustles face shock tax bill The scheme will allow 1,000 buyers to land their first home off just a 2pc deposit as part of a $165m 'close the deposit gap' program, with the government sharing the equity load up to 30pc for new homes and 25pc for existing homes – and access expanded for workers that earn up to $150,000 or couples bringing in up to $225,000. The program – which opens for expressions of interest in a week (July 1) – covers properties up to $1m across Queensland to take into account record price surges since the pandemic – a threshold that's $250k jump on what LNP campaigned for during the election period. Given the government expects to raise over $45b in taxes from the property sector over the next four years, Real Estate Institute of Queensland head Antonia Mercorella came out in support of the initiative as well as future reform. 'With suitable income eligibility thresholds of up to $225,000 for couples and $150,000 for singles and a statewide property value cap of $1m, the scheme reflects modern property prices across Queensland and makes it the most attractive in the nation.' MORE: Cash-strap student turns $40k to 38 homes Govt pays $3.3m for unliveable derelict house Property Council Queensland executive director Jess Caire also welcomed the move to a more housing focused budget. 'Responding to the housing crisis is clearly a focus of this budget with significant spending allocated towards creating new supply, community housing and helping first home buyers get their foot in the door of the housing market,' she said. 'The $165m Boost to Buy scheme was an ask in our 2024 Be a Queenslander election campaign and an initiative that will help many Queenslanders realise the dream of home ownership.' Ms Mercorella said Brisbane local government area median house prices had already passed the million-dollar median mark, while Greater Brisbane was close, with units also surpassing the $700,000 level across the Gold and Sunshine Coasts. 'The generous cap ensures the scheme is relevant in all corners of our state including high-demand areas like Brisbane, the Gold Coast, and Sunshine Coast, where the median house price now sits above $1m. Without this adjustment, the scheme risked being out of touch with the reality faced by many first home buyers today.' MORE: Rate cut windfall: Aus big bank's shock new forecast Shock as city's distressed home listings surge 36pc in one month She did not expect the program to distort property demand given FHBs made up a small share of overall market activity, but said it 'may assist in rebalancing housing pressure by helping some renters transition into ownership'. 'I don't think we can underestimate the material impact this can have on thousands of lives and for generations to come.' Among the areas still on REIQ's wishlist for the state was stamp duty reform in favour of a land tax-based model, and abolishing stamp duty for downsizers over 55. 'We've seen a promising start with some relief for first home buyers through higher stamp duty concession thresholds, abolishment of stamp duty on new builds, and the removal of restrictions on renting out rooms, and now we'd like to see some relief extended to people at the opposite end of the housing cycle – downsizing Queenslanders.' 'We're hearing calls to remove barriers that delay older Queenslanders from downsizing – a stamp duty exemption would achieve this and also, in turn, allow younger families to upsize.' MORE REAL ESTATE NEWS
