“Targets just numbers until they are realised as homes,' warns REIQ's Antonia Mercorella
The Real Estate Institute of Queensland (REIQ) has raised concerns after Treasury advised the Albanese government that its flagship commitment to deliver 1.2 million new homes over five years is unlikely to be met.
The Federal Government’s target, announced by Prime Minister Anthony Albanese, was designed to address Australia’s ongoing housing crisis and represents an increase from the original goal of one million homes, highlighting the scale of the nation’s housing shortage and affordability challenges.
REIQ chief executive Antonia Mercorella (pictured) said the Treasury’s assessment highlights the need for a coordinated national strategy, rather than relying on ambitious targets. “These targets are just numbers until they are realised as homes,” she pointed out.
The Albanese government’s housing agenda centres on the National Housing Accord, a collaborative effort with states, territories, local governments, investors, and the construction sector. The accord includes a $3.5 billion payment to support new home delivery and a $3 billion New Homes Bonus to encourage states and territories to exceed their targets.
Mercorella noted that while bold ambition is important, it must be backed by practical, coordinated action. She pointed to persistent issues such as workforce shortages, planning inefficiencies, infrastructure gaps, and slow approvals as barriers to achieving the government’s housing commitments.
“There’s no productivity without housing,” she said. “If we want a strong and resilient economy, ensuring all Australians have access to safe, secure, and affordable housing must be treated as a central economic priority.”
The government’s plan also includes a $10 billion Housing Australia Future Fund, aiming to deliver 30,000 social and affordable homes in five years, with 20,000 social housing properties — 4,000 of which are reserved for women fleeing domestic violence and older women at risk of homelessness — and 10,000 affordable rentals for frontline workers. An additional $2 billion Social Housing Accelerator is expected to fund thousands more social homes, with all funding to be committed by June 2025.
For first-home buyers, the Help to Buy scheme enables eligible Australians to purchase a home with a lower deposit, with the Commonwealth contributing up to 40% of the purchase price through a shared equity loan. The scheme is set to support 40,000 working Australians. Expanded Home Guarantee Schemes, including the First Home Guarantee, Regional First Home Buyer Guarantee, and Family Home Guarantee, offer 50,000 new places per year.
The REIQ is urging the Federal Government to make housing affordability and supply central topics at the upcoming Productivity Roundtable in August.
“This roundtable presents a vital opportunity to acknowledge that housing is more than a social issue - it’s a cornerstone of national productivity and wellbeing,” Mercorella said.
She called for all levels of government to commit to planning reforms, infrastructure investment, and support for the construction sector to achieve realistic and measurable housing outcomes.
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