In response to the increasing demand for housing and land supply in South East Queensland, the State Government has announced a major investment of $200 million to build essential infrastructure. The funding, outlined by Steven Miles, Deputy Premier and Minister for Planning, in the 2022-23 State Budget, is expected to unlock more residential lots in new communities, providing greater access to affordable housing choices for Queenslanders.
Speaking about the investment, Mr. Miles said that people and businesses are moving to Queensland in droves to enjoy the economic, job, and lifestyle opportunities on offer. This has led to a surge in demand for land supply, especially in South East Queensland. As a result, the State Government has created two funds worth $200 million, which will invest in the essential infrastructure needed for more new communities across the region.
The first of these funds, the Growth Acceleration Fund, has been established to support the delivery of priority trunk infrastructure required to develop new communities, such as Caboolture West. Mr. Miles said that the fund would focus on growth areas in South East Queensland, including the Sunshine Coast, Moreton Bay, Brisbane, Redland, and Gold Coast. It would provide funding for new roads, water and sewerage infrastructure, and other public facilities.
The second fund, the Catalyst Infrastructure Fund (CIF), will 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. Property developers will also be required to make co-investments of at least 20 percent towards the cost of the major infrastructure going into their development projects. This will ensure that the funding is supplemented and will go further in unlocking land supply in South East Queensland.
Mr. Miles emphasized that the funds were part of the Queensland Government’s commitment to unlocking residential land supply to manage growth and would be invested in key priority development and expansion areas. Thanks to targeted co-investment from the government, almost 50,000 residential lots are being unlocked in South East Queensland since the 2020 State election, including approximately 30,000 in Caboolture West, helping to cater for the region’s current and projected population surge.
With this new infrastructure funding, the State Government hopes to boost land supply and affordable housing choices. “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,” said Mr. Miles. By investing in essential infrastructure, the State Government aims to support Queensland’s growing population and economy, while also ensuring that all Queenslanders have access to affordable housing options.