Home building boost
REAL estate agents and builders are seeing a spike in land and house sales as home buyers start taking advantage of the State Government’s $10,000 Home Building Boost grant.
The Queensland Government Building Boost Grant is for a person or corporation buying or building a new home in Queensland for a value less than $600,000.
The grant is available from August 1 to January 31, 2012, and aims to assist in the recovery of housing construction, the state’s third-largest job-generating industry.
NQ Homes director Cindy Small said the boost grant has been a great benefit to the building industry and the company is seeing evidence of improvements.
“Our inquiry has tripled when we looked at our traffic sheets and our sales per month have doubled,” Ms Small said.
“The market has been stale but since they introduced the boost grant it has reinvigorated the local building industry in our region.”
Port Home Loans lending manager Simon Cody has already helped three couples apply for the Home Building Boost Grant to build a house inn then region.
“We have already signed up three couples who purchased the land in July and waited until August 1 to build their home,” Mr Cody said.
The rates of stamp duty, also known as transfer duty, also changed on August 1 for non-first home buyers, permanently removing the concession on new or established homes used as a principal place of residence.
ECU Australia’s chief executive officer Brett Myles said his credit union branches had seen an increase in home loan inquiries since the boost started.
“The response to date would indicate the building boost grant is a positive initiative which should stimulate demand for construction home loans,” he said.
“When you combine the $10,000 building boost with the $7000 first home owners grant, home ownership becomes much more affordable.”
Port Douglas and Mossman Rain and Horne principal David Cotton said there has been an increase in the inquiries and sales since the boost grant was first announced and started.
“It will definitely boost the local economy because there will be more construction happening,” he said.
Signing up: Matt Griffin and Stephanie Mammone apply for the Building Boost Grant