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.
