New builds through roof with $45k boost

 

QUEENSLAND is in the midst of a building boom as people take advantage of up to $45,000 in grants available to help them into their dream home.

The industry is reporting some companies are signing up to twice as many new home contracts as usual as federal and state government grants work to give the construction industry a COVID boost.

Master Builders deputy chief executive Paul Bidwell said one major builder had signed 226 contracts in the past month, mostly in southeast Queensland, and another in Rockhampton had signed 60 contracts in that city alone.

Queensland is seeing a building boom thanks to up to $45,000 in government grants on offer.
Queensland is seeing a building boom thanks to up to $45,000 in government grants on offer.

Across the east coast, the same major builder would normally sign around 1000 contacts in a month, but had actually signed 2028 as interest goes "through the roof", Mr Bidwell said.

"The government stimulus is working really, really well," he said.

At the moment, the Commonwealth's HomeBuilder program provides couples earning less than $200,000 a year with a $25,000 grant to build a new home they will live in or to substantially renovate an existing home if they sign before December.

First home buyers can also tap into Queensland's $15,000 First Home Owner's Grant and an extra $5000 if they build in regional Queensland.

But the good news comes as the Property Council of Australia calls on the Queensland Government to consider stamp duty concessions for people who buy new apartments and new townhouses to try to counter a slump there.

Queensland executive director Chris Mountford said the state should consider stamp duty discounts or other stimulus measures for new apartment and townhouse construction.

Treasurer Cameron Dick said the average first home buyer already paid effectively zero stamp duty in Queensland because of discounts and low rates.

Jess McCormack and her husband Matthew are building their family home with their two girls, 4 and 2, at Narangba and qualify for the Commonwealth grant.

Jess McCormack is building a new home with Metricon at Ridge View estate, Narangba. Photographer: Liam Kidston.
Jess McCormack is building a new home with Metricon at Ridge View estate, Narangba. Photographer: Liam Kidston.

"Originally we were looking just to buy and we were looking at buying at the end of next year," she said.

"When this $25,000 was announced we just thought let's do it and it gave us the boost we needed.

"We thought it's good it helps the building industry and it helps us out.

"It will be lovely to get into our own family home."

Originally published as New builds through roof with $45k boost