Boost to grant of little use for most
homes i s v e r y s m a l l , ” Mr Gowlett added.
“That said, any support for the industry is welcomed. Every $1 million spent in the development and construction industry equals three full- time jobs directly created and sustained.”
The announcement by the State Government last week is aimed at growing construction activity across Queensland.
The scheme is only available to those first homebuyers who build or buy a newly-constructed property under $750,000.
Master Builders executive director Grant Galvin said the increase to $20,000 only applied for 12 months.
“We believe it will bring forward demand,” Mr Galvin said.
However, Mr Galvin said the Government ’ s 3 p e r c e n t increase in stamp duty for overseas buyers would put a dint in areas where most foreign buyers tend to invest, and it is a sentiment Mr Gowlett shares.
“Investment in property in Cairns has always been quite high and the current prolonged shortage of rental properties will not be assisted by the Government’s decision to impose additional stamp duties to overseas buyers,” Mr Gowlett said.
“That additional construction activity is quite critical and might have unintended consequences, such as for PNG or New Zealand nationals who move f amily to Cair n s for education, health and other opportunities while maintaining their business ties to their home countries.”