Economic Development Regulation 2023 (Qld)

Economic Development Regulation 2023

Part 1 Preliminary

1 Short title This regulation may be cited as the Economic Development Regulation 2023.

2 Definition In this regulation— repealed regulation means the repealed Economic Development Regulation 2013.

Part 1A Affordable housing

2A Definitions for part In this part— affordable purchase price, for a household, means a price that enables the cost of servicing a mortgage for 90% of the purchase price to be not more than 30% of the gross income of the household. affordable rent, for a household, means a rent of not more than 30% of the gross income of the household. first home buyer household means a household that has a gross household income within the range nominated in a housing needs analysis for identifying a first home buyer household for the priority development area in which the household is situated. housing needs analysis means a document called 'Housing needs analysis' that— (a) analyses the need for particular types of housing for particular types of households in a particular priority development area; and (b) nominates a range of gross household income within which a household may be identified as a first home buyer household or a key worker household for a particular priority development area; and (c) is published on MEDQ's website. key worker household means a household that has a gross household income within the range nominated in a housing needs analysis for identifying a key worker household for the priority development area in which the household is situated. low to moderate income household means a household that has a gross household income of more than 50% and less than 120% of the median household income for the local government area in which the household is situated. market rent, of housing, means the estimated amount for which an interest in the housing should be leased on the open market between a willing lessor and willing lessee on appropriate terms in an arm's length transaction, after proper marketing and if the parties had each acted knowledgeably, prudently and without compulsion. market value, of housing, means the estimated amount for which the housing should exchange on the open market between a willing buyer and a willing seller in an arm's length transaction, after proper marketing and if the parties had each acted knowledgeably, prudently and without compulsion. median household income, for a local government area, means the median household income for the area published by the Australian Bureau of Statistics and indexed by the Queensland wage price index published by the Australian Bureau of Statistics. very low income household means a household that has a gross household income of 50% or less than the median household income for the local government area in which the household is situated.