Queensland property in need of CPR, says industry

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The Queensland government must bring in incentives for buyers of new homes to save Queensland's flagging property market, according to a number of industry commentators this morning.

Property analyst Michael Matusik was one of the most vociferous voices, arguing that stamp duty should be cut straight away.

"You can cut stamp duties for off-the-plan transactions tomorrow night," said Matusik on a blog directed at Queensland Treasurer Andrew Fraser. "You have been talking about it.  So now do it.  The writing is on the wall.  You must stimulate housing demand."

Increases to both the regional relocation bonus and the First Home Owners Grant are also needed, continued Matusik.

 "I don’t like either of these pump-priming measures, but the Queensland housing industry is getting desperate and we will take whatever we can get," he added.

Queensland Property Council chief Kathy MacDermott also called for government action.

"We need to expand support for first-home owners buying new dwellings and introduce a moratorium on land tax during construction of a residential development to make housing more affordable," she told the Australian.

Is the Queensland market dead in the water or about to boom? Check out the June issue of Your Investment Property for our investigation into the Sunshine State.

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