The government of Queensland has unveiled the largest concentrated social housing investment in the state’s history.
Leeanne Enoch, the state’s minister for housing, said the $2.9bn investment would ramp-up the delivery of housing supply across Queensland.
“We are investing $1.9bn over four years to increase social housing stock and get more vulnerable Queenslanders into homes quicker,” said Leeanne Enoch, the state’s minister for housing. ““[And] to support this, we are establishing a new $1 billion Housing Investment Fund, the returns from which will drive new supply to support current and future housing need.”
“Under our action plan, we will fast-track projects and initiatives that will increase the supply of social housing, seek proposals to develop underutilised state land, and deliver mixed-use developments,” Enoch added.
Over the life of the state government’s housing strategy, around 10,000 social and affordable homes are expected to be added to the housing stock.
Antonia Mercorella, chief executive officer of the Real Estate Institute of Queensland (REIQ), said the announcement is a big step towards the goal of expanding the supply of affordable homes in the state.
Additionally, she said this will add to the state’s construction activity, which, in turn, will boost the overall economy.
“The government has to do the heavy lifting in providing affordable housing for our most vulnerable. We welcome the large investment in putting roofs over people’s heads and the jobs that will be created during construction of this much-needed accommodation,” she said.
Mercorella also commended the state’s $14.7bn allocation for infrastructure, with over 60% of this fund to be allocated for areas outside the Greater Brisbane region.
“With Queensland’s population increasing, it’s great to see such a large amount being spent on roads, public facilities, local government projects including sewerage and water plus disaster resilience,” she said. “We’re delighted to see Queensland’s regions receive the lion’s share of this spending, particularly in light of the influx of new residents they are experiencing.”
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