Queensland's peak real estate body is urging the state's new government to reinstate first home owner grants for existing homes.

The former Liberal National Party controversially scrapped the state’s $7000 first home buyers’ grant after coming to power in 2012. It was instead replaced with a $15,000 grant from first-time buyers purchasing newly-constructed properties to stimulate the building industry.

Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella says strengthening the grant would have several key benefits.

“Reinstating the full spectrum of first home owner incentives would unlock millions of dollars in investment, delivering an important boost to the Queensland economy,” she said.

“It would also greatly assist Queensland’s residential housing recovery and help thousands of extra Queenslanders to realise their dream of home ownership.”

Ms Mercorella said there was a market decline after the 2012 decision. Deputy Premier Jackie Trad was reluctant to offer a definitive response.

“Well, I’m happy to have a look at that request and get back to them,” Ms Trad said.

Queensland’s parliament will resume on Tuesday for the first time since the January state election.