Boost to grant of lit­tle use for most

The Weekend Post - Real Estate - - Front Page - BIANCA KEE­GAN

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.”

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