Tens of thousands of new homes will be built in Queensland under a new deal between the state and federal governments worth $2.4 billion.

Under the deal, 51,000 homes – including 20,000 exclusively for first home buyers – were expected to be built at Mount Peter, Southern Thornlands and Waraba, as well as other potential new growth areas across the state.

The federal government announced it would provide $2 billion in support, including $399m in grants and $1.6 billion in no-interest concessional loans for enabling infrastructure, such as road and sewerage upgrades.

The state government matched the contribution of $399m.

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Queensland Deputy Premier Jarrod Bleijie said housing supply was a key focus of the government.

“More homes across Queensland are needed and fast,” he said in a statement.

“More and more people are wanting to become Queenslanders every day, and we’re working to ensure they have a place to call home.”

Federal Housing Minister Clare O’Neil said by removing competition from investors, the plan was expected to help first time buyers.

“Thanks to this agreement we’ve reached, there will be thousands more Queenslanders getting the keys to their own home.”

Federal Treasurer Jim Chalmers said the deal would give “younger Australians a leg up in the housing market”.

“We know it’s too hard for too many Australians to buy their own home and get ahead and that’s why we’re investing in building more homes, making our tax system fairer and putting first home buyers ahead of foreign investors,” he said.

“Our budget is about building more homes, helping more Australians realise the dream of homeownership.

“We’re coming at this housing challenge from every responsible angle, and this Budget builds on our ambitious housing agenda.”

The first of the new homes for first home buyers were expected to be completed by mid-2028.