State Budget Disappoints First Home Buyers
The REIQ was disappointed for first home buyers when the State Treasurer delivered the budget.
REIQ CEO Antonia Mercorella said it was disappointing that measures that would benefit first home buyers and the economy were neglected.
“We hoped the Treasurer would see the benefit to the economy in unlocking millions of dollars from first home buyers who want to get into the market in an established home.
“Unfortunately he hasn’t agreed with our position and has neglected to include all first home buyers in his budget.
“However, there is much to congratulate Mr Pitt on, including the many measures designed to improve employment throughout the state.
“Increased employment opportunities bring economic stability and that will help people make a decision about whether to rent or to buy; whether to stay or to move,”she said.
“The $4 billion that the Government intends to spend on arterial roads, including the upgrade of the Gateway Motorway North to six lanes, the Toowoomba Second Range Crossing and the roads being improved on the Gold Coast in preparation for the Commonwealth Games, will provide stable employment prospects for workers.
“It also benefits property values when transport is upgraded, improving accessibility and reducing commute times,” Ms Mercorella said.
The schools projects would benefit Townsville’s real estate market recovery. Employment for workers would lift its real estate sector, which has been patchy over the past six months with sales down nine per cent over the past quarter and the median house price sitting at $350,000.
Townsville’s rental market has also been struggling, with vacancy rates up 1.2 percentage points over the first quarter of 2015 to 5.9 per cent at the end of March.
Ms Mercorella also welcomed the State Government’s $300 million schools refurbishment plan that would bring additional work to tradespeople throughout the state.
“This will help tradespeople of all descriptions as schools in every corner of the state are refurbished to meet the needs of today’s school children and educators,” Ms Mercorella said.
Source: REIQ Journal, August 2015
