The Queensland construction sector received a major boost today (September 10) after the government announced its plans to more than double the first homebuyers grant – increasing activity within the residential building industry.
State premier Campbell Newman said increasing the First Home Owner Construction Grant will be a significant boon to the state’s homebuyers and construction sector.
The changes will see the grant rise from $7,000 to $15,000 when buying a newly built home or property off the plan.
“We want to see more Queenslanders buying their first home and this grant will certainly give home buyers a great head start,” Mr Campbell explained.
With the Sunshine State now boasting one of the highest monetary incentives for first-time buyers across the country, the local construction sector is expected to benefit from more residential projects in the pipeline – creating more jobs in Queensland as a by-product.
“The property and construction sector is one of the four pillars of the Queensland economy, and one the Newman government is supporting through real and direct action,” state treasurer Tim Nicholls said.
The reshaped First Home Owner Construction Grant comes off the back of the government’s decision to reinstate the principal place of residence transfer duty concession – saving homebuyers up to $7,000 as an added boost for entering the state’s property market.