The federal budget has failed to provide the “silver bullet” needed to address housing affordability and counter rising construction costs, Queensland property industry figures say.

A new Regional Home Guarantee has been announced as a buffer against skyrocketing property values in the state’s regions, allowing up to 10,000 homebuyers a year to put down a 5 per cent deposit on a new home.

But Real Estate Institute of Queensland chief financial officer Dean Milton said the scheme should apply to existing homes — not just new builds.

“It probably won’t make a great difference,” Mr Milton said. “It won’t be the silver bullet for housing affordability.”

Other homeseekers to receive relief in the budget include first-home buyers and single-parent families also looking to get into a home.

The Home Guarantee Scheme, which has been expanded to 50,000 places, allows first home-buyers to put down a 5 per cent deposit, with the government guaranteeing the rest.

So far this year, 17,000 first home buyer loans have been granted in Queensland.

“We would have liked to have seen some encouragement for downsizing for people who live in homes with empty rooms, and super breaks for people living in those homes for a long time,” Mr Milton said.

“That would help bring some supply on to the market for first homebuyers.”

Mr Milton said incentives for the state government to reduce or abolish stamp duty would also have been welcomed.

But the funding announced for regional infrastructure has been broadly welcomed, with $1.6 billion allocated for the Brisbane to the Sunshine Coast rail extension and $1.12 billion for the Brisbane to the Gold Coast Faster Rail Upgrade.

First home hunter Dan Monsour is not convinced the federal government’s efforts to help buyers get into the housing market will make much of a difference.

“It depends on how easy those (Home Guarantee Scheme) slots are going to be to get,” Mr Monsour said.

“I think they’ll go pretty quickly because that’s not really enough, so it will be a bit of a scramble.”

Housing affordability is the number one issue for the young real estate agent heading into the federal election.

“I’m really keen to find my first home; my first castle,” Mr Monsour said. “I just want to have a place of my own.

“Everything just goes in two minutes in my (price) bracket.”