First Home Owner’s Grant 2017 Surpasses 2016 Total In 7 Months

First Home Owner’s Grant 2017 Surpasses 2016 Total In 7 Months

Queensland Treasurer Curtis Pitt

Boosted First Home Owners Grant Going Gangbusters

Victor P Taffa

Palaszczuk Government’s $20,000 Queensland First Home Owner’s Grant has provided $46.8 Million to help 2,340 people purchase a new house, unit or apartment in just the 7 months since the boosted scheme’s launch on 1 July 2016.

Treasurer Pitt said this had already surpassed the $35.6 Million in payments to 2,372 people in 2015-16 when the grant was worth $15,000.

“Savvy Queenslanders are right to act quickly with the $20,000 boost expiring on 30 June 2017 and next week you’ll see an ad campaign rolled out encouraging more people to take up this opportunity.” Treasurer Pitt said.

“Anyone who is holding off on buying in the hope that this offer will be extended to include established homes risks missing out on the $20,000 boost altogether.”

“No state in Australia offers a First Home Owners’ Grant for established housing, the strategic purpose of our $20,000 initiative is as much about getting Queenslanders into the property market as it is getting Queensland tradies back on the tools.”

“The program is strategically designed to incentivise the construction of new housing which will in turn is creating work for the many local contractors, subbies and suppliers who rely on the building industry.” Treasurer Pitt said.

“Building and construction sector creates jobs, stimulates the wider economy and keeps locals employed in the construction sector which is critical in some regions at this challenging time.”

HIA Queensland Executive Director Warwick Temby described calls to make established homes eligible for the Queensland First Home Owners’ Grant as misplaced.

“HIA welcomes the Treasurer’s rejection of the calls to expand the Queensland First Home Owners Grant to established home buyers: it would be an expensive and poorly targeted Government spend.” Mr. Temby said.

“Providing the Grant to buyers of established homes would have the effect of making new home building less attractive for first home buyers, so the net effect would be to reduce employment and activity in the new home building industry.”

“It is new home building that generates activity in the residential building industry and all the other related industries like furniture, appliances and floor coverings: the $20,000 that is currently available to first home buyers building their first home is an effective way of stimulating activity.” 

“There would be little impact on jobs and economic activity in regional areas from extending the first home buyer grants to established homes.” Mr. Temby said.

Queensland’s First Home Owners’ Grant is the most generous of Australian mainland states:

  • QLD – $20,000 for new builds valued up to $750,000 but only until 30 June 2017
  • SA – $15,000 for new builds only, valued up to $750,000
  • WA – $15,000 for new builds until 31 December 2017
  • NSW – $10,000 for new builds only, valued up to $750,000
  • VIC – $10,000 for new builds only, valued up to $750,000

Abbreviations

  • QLD – Queensland
  • SA – South Australia
  • WA – Western Australia
  • NSW – New South Wales
  • VIC – Victoria