The Real Estate Institute of Queensland (REIQ) is poised to support a significant legislative revision aimed at empowering homeowners.
This change will allow them to rent out rooms soon after purchase without jeopardising their financial incentives.
A public hearing scheduled for next week will discuss the proposed modifications.
Antonia Mercorella (pictured above), CEO of REIQ, championed this legislative advancement, highlighting its origins within the organisation.
“This initiative is a win-win for both homeowners and renters in Queensland, and we are proud to have instigated this common-sense change,” Mercorella said.
The proposed change will permit homeowners to lease spare rooms during the first 12 months of ownership without penalties affecting their grants or concessions.
The modification aligns with REIQ’s broader goals of expanding homeownership and easing the housing strain.
“It aligns with the REIQ’s vision for greater levels of homeownership, which was a central pillar of our election platform and has the dual benefit of helping to alleviate both financial and rental accessibility pressures,” Mercorella said.
By enabling early room rentals, the initiative supports new homeowners in managing their mortgage expenses and offers additional housing options for renters.
Looking ahead, REIQ sees potential for this initiative to encompass more homes, suggesting that even a modest percentage of first home buyers renting out parts of their homes could significantly enhance the rental market.
“On average, 21,000 first-home buyers each year were previously restricted from leasing out part of their property in the first year and even a modest 3-5% of these homes being rented out could provide a meaningful boost to the rental market,” Mercorella said.
Furthermore, REIQ advocates for expanding this initiative to encourage owners of underutilised properties to offer up spare rooms, thereby increasing available rental accommodations across Queensland.
In addition, Mercorella stressed the importance of community education to ensure homeowners are well-informed about the implications of renting out rooms, such as tax and insurance considerations.
As the public hearing approaches, REIQ prepares to present its case to the state development, infrastructure, and works committee, underscoring the potential benefits of this policy change.
The initiative not only promises to make homeownership more attainable but also to inject flexibility and new opportunities into Queensland’s housing market.
