GRANT DRIVES BOOM
GOVERNMENT grants are driving a $100m home building boom in Townsville, developer Andrew Astorquia says.
The project manager of Stockland’s North Shore community says the economic stimulus is good for the city, creating thousands of jobs across the industry and presenting a once-in-a-generation opportunity for home buyers.
But he says people should not wait if they want to take advantage of the incentives.
“The opportunity to get land is now. Come Christmas, it will all be gone,” Mr Astorquia said.
The federal government announced its $25,000 HomeBuilder grants in June to apply on construction work contracted up to December 31.
The state government is also providing a $5000 regional building boost along with its first homeowners grant of $15,000.
Like developers around the country, Stockland is rushing to bring forward land for home buyers to meet demand for sales which is running at five times the average.
Mr Astorquia said they were constructing eight stages totalling almost 150 lots.
When an average house and land price of about $425,000 was multiplied across the market, he said it was close to a $100m stimulus to Townsville’s economy, with much of the building occurring in the city’s northern suburbs.
“We have people coming daily to sign up for land. It’s good for Townsville,” Mr Astorquia said. “Every block created is another ratepayer.
“I think the smoko van market will go off when all of these homes are under construction.”
Mr Astorquia said Townsville’s home building market had been starting to pick up last year ahead of the COVID-19 stimulus measures which had given it a major boost.
People were using the grants to either upgrade the size of the block they wanted, upgrade inclusions in the home or secure a first home the grants meant they could now afford, he said.
It was also spurring the wider housing market, prompting people to look at property, whether they were looking at their first home or upgrading to their second or third home.