Funding to unlock housing

The State Government will invest $200 million to build essential infrastructure needed to “unlock” housing supply in areas including the Moreton Bay Region.

Deputy Premier, Minister for Planning and State Member for Murrumba Steven Miles says the funding in the 2022-23 State Budget will “unlock” more residential lots in new communities.

“People and businesses are moving to Queensland in droves to enjoy the economic, job and lifestyle opportunities on offer,” Mr Miles says.

“This has increased demand for land supply, especially in South East Queensland.

“This Budget includes $200 million for two funds that are investing in the essential infrastructure needed for more new communities across the South East.

“A new Growth Acceleration Fund has been created to support the delivery of priority trunk infrastructure needed to develop new communities like Caboolture West.

“An additional $50 million in equity funding has been approved for the fund to help develop more residential lots and increase dwelling supply, $15 million of this already being allocated to delivery of water and sewer infrastructure in Caboolture West.

“The new Growth Acceleration Fund will focus on growth areas in South East Queensland including the Sunshine Coast, Moreton Bay, Brisbane, Redland, and Gold Coast.

“It will fund new roads, water and sewerage infrastructure and other public facilities.”

The Catalyst Infrastructure Fund (CIF) will also receive $150 million in equity funding for the major infrastructure needed to continue the delivery of new communities such as Ripley Valley and Greater Flagstone.

“The funding will be supplemented by contributions from property developers who will be required to make co-investments of at least 20 percent towards the cost of the major infrastructure going into their development projects,” Mr Miles says.

Bid to manage growth

He says the funds are part of the State Government’s commitment to unlocking residential land supply to manage growth and will be invested in key priority development and expansion areas.

Almost 50,000 residential lots are being unlocked in South East Queensland since the 2020 State Election, including about 30,000 in Caboolture West.

“This new infrastructure funding is ensuring we can boost land supply and affordable housing choices,” Mr Miles said.

“We are ensuring government, councils, developers and industry can keep up with the increase in demand for land, housing and the supporting infrastructure that comes with it.”