Property Council applauds Build to Rent boost

The Property Council of Australia has today applauded the State
Government’s move to quickly increase the supply of rental housing in
Queensland, through throwing its support behind Queensland’s burgeoning Build
to Rent sector.

The Queensland Government has announced it will halve land tax obligations
and scrap the Foreign Land Tax Surcharge for eligible Build to Rent projects.

Property Council Queensland Executive Director, Jen Williams, said the
announcement was exactly the support needed to help rapidly increase the supply
of purpose built rental accommodation in Queensland.

“Unlike in countries like the United States where rental housing is
typically owned by institutional investors, tenants in Australia are heavily
reliant on ‘mum and dad’ landlords renting out their investment properties on
the open market.

“This model has served the country well in the past, however with fewer
rental properties available and ongoing demand pressures, there is a growing need
for purpose built rental accommodation that can be delivered at scale.

“Despite this huge tenant demand, there are many barriers to investment
that make it difficult for institutional landlords to provide rental
accommodation in Australia.

“Today’s announcement will help Queensland’s emerging Build to Rent sector
overcome many of the financial hurdles it traditionally faces and will spur on
a wave of new housing, providing better outcomes for tenants.

“Initiatives like this one embody the Government leadership and focus on
increasing supply that is required to respond to the housing crisis.

“The Property Council has championed Build to Rent for the better part of
the last decade and today’s announcement will encourage investors from around
the world to look to Queensland to deliver well-located, fit for purpose rental
housing,” Ms Williams said.

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