From the CEO 3rd May 2023
I was delighted to attend our first Zone Event in Cairns this morning as we head across Queensland to connect with our members and industry colleagues face to face. It was exciting to see such a great turnout in Cairns and I’m looking forward to our events in Townsville and Mackay tomorrow and the next day respectively. Regrettably, we’ve had to turn people away from these three events due to high demand. So please make sure you don’t miss out and register for one of our upcoming events. I would love to see you there!
The Albanese Government’s recent announcement that housing ministers will develop a plan to strengthen renters’ rights nation-wide later this year is yet another swipe at property investor confidence in a State still reeling from relentless rental reforms. While the national renters’ rights plan announcement lacked detail, we’re concerned that the Government could signal yet another nail in the coffin for property investment in Queensland. It’s nonsensical to introduce nation-wide rental reforms on top of far-reaching, stage one rental reforms introduced in Queensland in October last year, and consultation on stage two rental reforms already underway.
However, we are supportive of the $2 billion additional funding announced for the National Housing Finance and Investment Corporation (NHFIC) for community housing providers to increase supply. We also welcome the Federal Government’s innovative expansion of three grant schemes – the First Home Guarantee, Regional First Home Guarantee and the Family Home Guarantee. You can find out more here.
Lastly, you’re no doubt aware the RBA yesterday hiked the cash rate by 25 basis points to 3.85%. The RBA’s decision to forge ahead with its aggressive tightening cycle will weigh heavily on homeowners and investors. Economic conditions are already stifling future supply and pushing the dream of home ownership further out of reach for many. Find out more about our views on the rate increase here.
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