Data released by the Housing Industry of Australia (HIA) has found that the volume of new apartments in Queensland has declined by 47 percent since 2016.
The Industry’s Executive Director Queensland, Mike Roberts, attributes the decline to increasing taxes on foreign investors, which is affecting the sunshine state’s ability to increase housing supply in a time of crisis.
“In addition to paying more than double the amount of Stamp Duty in Queensland compared to domestic investors, they have also seen an increase in costs from the Australian Government in recent years,” Roberts says.
“The acute housing shortage in Queensland will continue to deteriorate if investment in new housing continues to attract more taxes and charges. We want to attract more investment to Queensland, especially into apartment construction in the SEQ, not tax it away.”
Roberts says the fears regarding foreign investors are misguided.
“Foreign investors are not competing with first home buyers or forcing up house prices. Quite the opposite.
“Foreign investors can only buy new homes, not established homes. They cannot take the apartments overseas with them, and therefore are increasing the stock of housing.
“For this reason, they have a critical role in increasing the supply of new housing, especially apartments in SEQ.”
Image: A future 25-storey residential tower in Milton, QLD, designed by bureau^proberts.
