- September 11, 2012
- Posted by: admin
- Category: Enconomy, Finance News, Financial goals, First Home Buyer, House prices, Inflation, Wealth
Following the actions of New South Wales, Queensland will also double the grant for new first home buyers, to $15,000.
The state budget changes, outlining that the grant would be pushed up from $7,000 in addition to the transfer duty concession already in place, will apply for buyers looking to purchase a newly built property or a home off the plan.
This First Home Owner Construction Grant should entice more people into the market and make home ownership affordable.
The aim is to get more Queenslanders buying their first home and this grant will certainly give home buyers a great head start.
This should also provide a boost to the construction sector,which is in desperate need of a boost.
The property and construction sector is one of the four pillars of the Queensland economy, and one the Newman Government is supporting through direct action.
The Master Builders Association has lobbied on behalf of the sector for changes to the grant and the Government has responded in a constructive way.
The Government’s First Home Owner Construction Grant will help more Queenslanders buy their first home and provide a much needed lift to Queensland’s property and construction industry.
One of the biggest challenges faced by the residential building industry is low consumer confidence and we believe the new look grant will offer first home owners a very real incentive to build a new home and address the rising cost divide between new and established housing.
In addition to the First Home Owners Grant measures, hopefully the government will consider a strong capital works program and a review of existing property holdings and commercial business units.
This boost will be available from 12 September 2012 onwards.
This is great news that this is a long-term measure that will commence immediately. Unlike the Building Boost Grant, the new First Home Owners Construction Grant commences immediately ensuring there is no short-term drop off in demand while those interested in building wait for the grant to be available.