Builders back from the brink
Industry hails extension of $25,000 federal grant
THE extension of the federal HomeBuilder Grant to March 31 has prevented the building and construction industry on the Gold Coast from “falling off a cliff”.
Queensland Property Council president Bruce Harper, who is also general manager of AVID Property Group, said the announcement had given the local building industry the certainty it needed and would have a positive knock-on effect for related industries.
“We were getting to a point where builders were facing closing their books,” he said.
“This extension gives them the certainty and comfort that the cliff edge that was predicted isn’t going to happen.”
The HomeBuilder Grant was introduced to help stimulate the residential building and construction sector during COVID-19, with those eligible receiving $25,000 to put towards the purchase of a new home or the substantial renovation of an existing home.
Mr Harper said that of all the areas in Queensland, the Gold Coast was the area where the grant had had the greatest effect.
“The two areas to benefit the most have been the Gold and Sunshine coasts where land supply is tight,” he said.
“The grant has acted as an impetus for buyers to go out and buy those existing townhouses and blocks of land.”
Master Builders regional manager Adam Rofke said the extension would give those unable to secure a contract before the December deadline a second bite at the cherry.
“I’ve spoken to dozens of people who were wanting to get in before the December 31 deadline, but the timescale it takes to secure a contract would have made it impossible,” he said.
“This gives those people a second chance and the builders some breathing space.”
One young buyer grateful for the grant is 21-year-old Josh Young, who with the help of the HomeBuilder and Queensland First Homeowner grants was able to take his first step on he property ladder by securing a townhouse at Sphere.
“Combining the two grants absolutely went a long way in
allowing me to get my foot in the door to my first home,” Mr Young said.
“Having an additional $40,000 up my sleeve really eased the stress through the application process and will mean significantly less financial strain in the future.
“The grants have allowed me to get a modern home in a convenient location, and I can now put that money towards furnishing the house.”