Boost for building industry

TOWNSVILLE’S construction industry is primed to benefit from a three-month extension of the federal government’s Homebuilder grant.

With record low interest rates and $45,000 up for grabs between state and federal grants available until December, new home construction has boomed in Townsville.

From next year, the federal government grant will decrease from $25,000 to $15,000 and construction commencement will be extended from three months to six months for all eligible c o n t r a c t s signed on or after June 4, 2020.

The government anticipates the extension to March 31 will support the construction or major rebuild of around 15,000 additional homes and ease any bottlenecks in applications.

Federal Herbert MP Phillip Thompson (pictured) said this move would increase investment in the north.

“The Townsville region has benefited a lot from the HomeBuilder package since it was rolled out,” Mr Thompson said. “The builders and the people I have been speaking with are pretty up about this.”

Mr Thompson said the review process would help determine if Homebuilder would be extended again after March 31.

Housing Industry Association managing director Graham Wolfe said this was a step forward for jobs.

“An extension to HomeBuilder is not only warranted but a necessary measure that will support the Australian economy into 2021 and beyond,” Mr Wolfe said.

“HIA’S forecasts predicted a significant drop in housing demand in 2021 as Homebuilder projects finished. This extension will ensure that the demand is carried forward to 2021 and activity will continue throughout the year.

“This Homebuilder extension brings welcome certainty and stability that will allow the Australian housing market to push forward into 2022, regain its PRE-COVID confidence and maintain a steady supply of housing at an affordable rate for Australians.”