What you said about Qld Labor government buying Brisbane hotel

Waste of taxpayers money or savvy investment? The jury is out over Labor’s “desperate” buy. HAVE YOUR SAY

Waste of taxpayers money or savvy investment?

The jury is out after it was revealed a “desperate” state government paid $8.6m above market value to purchase an inner-city hotel already used to house people at risk of homelessness.

The government paid $34m for the former Park Hotel at Spring Hill despite a valuation in July, three months before settlement, noting the 84-room site was worth significantly less.

Despite the lower valuation, Housing Minister Meaghan Scanlon’s department pushed ahead and settled the purchase for $34m on October 30.

Ms Scanlon held a press conference at the site on November 17 to trumpet the buy as one of many “strategic purchases” the government had made to help ease worsening housing challenges.

The Park Hotel in inner-Brisbane. Picture: John Gass

Premier Steven Miles has previously launched a $3bn Homes for Queenslanders plan to keep people in homes and support renters. Ms Scanlon in November said the state was buying and leasing hotels, motels and retirement villages “to meet that immediate need for accommodation”.

She defended the purchase last week – though readers remain torn.

Some claim the buy was yet another sign of the incompetence of the government; others said the money should and could have been spent elsewhere.

However some insist it’s a smart buy that could deliver long-term gains.

See what you had to say below and join the conversation >>>

WHAT YOU SAID

Another mess

jeff

The government is a shambles stumbling from one disaster to the next.

jackie

Another waste of money this won’t make any difference to the housing crisis.

Graham

Buying the hotel achieves nothing as the hotel already is used for homeless accommodation. Ask who owns the building

ITMan

Labor spend so we are now $15 bill in debt. With Labor ripping our mining sector a new one with their royalty tax and with the lift in land taxes we should be in the positive.

Bigger problems

M

Labor clowns started the rot by demonising landlords, restricting property rights and jacking up land taxes which forcing landlords to raise rents while driving property investors away in droves.

Brian

Does not matter how much money the State Government throws at the housing crisis, figures just released show it is getting worse. Until Albanese gets a brain and cuts immigration we will continue to have a housing crisis.

Oh dear …

So this young minister was already leasing the building and then paid millions over the mark to buy it??? For a net gain of no extra rooms??? Who owned the building???? This doesn’t make sense. We spent a lot of money for a good news press conference.

Geoff

Elections coming up. Throw money around. I heard that they are also paying private hospitals to reduce the waiting lists for elective surgery. But only at election times

Housing Minister Meaghan Scanlon last month

We’re paying the price!

Victoria

So the ALP leased it for 30 months to refurbish it, then get it valued after the refurb, then purchase it for more than the valuation.

You couldn’t dream up the levels of incompetence shown and waste of taxpayers money

david

I wish I hadn’t worked and saved up to buy my humble home. I could have ended up living at taxpayers expense in a hotel for the rest of my life and spent my welfare on things I like.

paul

What is the saying? “A fool and his money are easily separated”

Calm your farm

larissa

I am sure, in a few years time when property values increase, the money will be recouped

Ronald

Buying this hotel wouldn’t house any more people. the Govt was already leasing it. wasn’t it already full of people?. If so what’s the fanfare all about?

TERESA

At least they’re doing something. At last.

Farmerp

What do people expect?

It’s not like these people are professionally trained pancake flippers like albo.

once they get to his level of training and experience, everything else will just fall into place