The Queensland State Government is responsible for the housing affordability crisis in Queensland.

Urban Land Development Authority

Unlike the New South Welsh and Victorian State Governments, they seem to be putting some solid effort into doing something about it, to the extent that they created the ULDA (Urban Land Development Authority), which has dealing with this problem as one of its primary aims.

Problem 1: Poor definition of affordable

The ULDA website states that "Housing is considered affordable if the rent or mortgage repayments are less than 30% of gross household income". I personally don't think that's a great definition, because it doesn't take into account how long it will take to repay the mortgage.

Problem 2: Sale to large developers

This could cause a continuation of the problem. Elsewhere in Australia, people (and especialyy large developers) have bought up a lot of the free land available, thus creating an artificial scarcity and inflating the price. While a Land Value Tax

Land Value Tax

Land Value Tax is a tax on the value of the land, but not on the value of the things on the land (such as buildings); buildings are not taxed, land is. You can read more about it in Land Taxes. (see Land Taxes) could cure this, it doesn't seem to have been enacted. This could cause problems for the scheme.

I've also noticed that many people believe that the ULDA's creation shows that the Premier of Queensland "is in the development lobby's pocket". This in itself has no effect on housing prices, but it may indicate bias in the information provided.

The Big Question: Will the ULDA make a difference?

I don't claim to have any answers to that. It basically depends on the amount of affordable housing released

Land release

Land release is a euphemism for the process whereby the government rezones land from a lower density zoning (such as rural) to a higher-density zoning (such as suburban). If the government hadn't restricted the land, it wouldn't need "releasing". You can read more about this in Land Supply and Demand.. While there are aspects of the scheme that don't appeal to me, and I don't see any direct statements about the amount of new land to be released

Land release

Land release is a euphemism for the process whereby the government rezones land from a lower density zoning (such as rural) to a higher-density zoning (such as suburban). If the government hadn't restricted the land, it wouldn't need "releasing". You can read more about this in Land Supply and Demand., it also appears that at least someone is working on the problem. I don't have a functioning crystal ball handy, so I'm afraid I can't answer that question.

Summary

The ULDA was only set up in 2007, so it's not soon enough to say whether it will fix the problem. Only time will tell.