Question time blog: Qld government to buy up hundreds of homes

Hundreds of affordable homes on the verge of falling off a federal-funded scheme are concentrated in inner-city Brisbane suburbs including Fortitude Valley, Bowen Hills and Nundah, new data has confirmed. 

Hundreds of affordable homes on the verge of falling off a federal-funded scheme are concentrated in inner-city Brisbane suburbs including Fortitude Valley, Bowen Hills and Nundah, new data has confirmed.

 

It comes as Premier Annastacia Palaszczuk revealed the government would use returns from their $2bn Housing Investment Fund to secure new homes in Townsville and southeast Queensland.

Federal government data on the National Rental Affordability Scheme revealed renters in Bowen Hills, Birtinya, North Lakes and Pimpama would be among the worst impacted in 2023 as properties fall off the expiring scheme.

Thousands more properties will be removed from the scheme next year, particularly in Fortitude Valley, North Lakes, South Brisbane, Nundah and Mountain Creek.

The state government doubled the value of the Housing Investment Fund at last year's housing summit, which was convened in response to The Courier-Mail's Hitting Home series.

Ms Palaszczuk said the fund would support community housing provider, National Affordable Housing, to investigate the purchase of up to 335 properties that have elected to sell once NRAS ends.

About 5000 properties in Queensland are due to come off the federal government’s NRAS scheme when it ends in 2026.

“Where the Commonwealth Government has stepped out of the housing sector, our government will step in,” Ms Palaszczuk said.

“The clear message from yesterday’s roundtable was that the Commonwealth needs to be doing more to provide essential housing.”

The Premier confirmed 50 homes were already under contract, and that the government expects up to 100 properties to be purchased in the second half of 2023.

“Those properties include a mix of detached housing, townhouses, duplexes and apartments,” Ms Palaszczuk said. 

“The impending closure of the National Rental Affordability Scheme means now is the time to act.

“By purchasing these homes, we can provide peace of mind for existing residents and homes for households from the social housing register where properties are vacant.”