Eligible first residence consumers within the Sunshine State will obtain a doubled first residence proprietor grant for an additional yr.
The Queensland Authorities has prolonged its $30,000 first home owner grant – beforehand set to fall to $15,000 in a matter of weeks – for an additional 12 months.
The grant is out there to these constructing or shopping for a brand new residence with a complete worth of lower than $750,000.
Initially boosted from $15,000 to $30,000 in November 2023, it was anticipated to help round 12,000 first residence consumers earlier than expiring on 30 June.
The extension is «placing the good Australian dream again inside attain» of first-time consumers, Queensland premier David Crisafulli mentioned on Sunday.
«We’re unlocking the door to residence possession for 1000’s extra Queenslanders who’ve been locked out from their first residence for too lengthy.»
The Queensland Authorities is aiming to extend the state’s homeownership charge, which sat at 63.5% in 2021, in comparison with 64% in NSW, 68.3% in Victoria, and 70.2% in Tasmania.
In accordance with Propertology head of analysis Simon Pressley, nonetheless, limiting assist to solely those that construct or purchase a brand new house is «blatant deception» and a «gross sales gimmick» to assist property builders.
«The first objective of this grant is to help the development business, not first residence consumers,» he mentioned.
«The opposite factor that is vital right here is that the worth of any model new property consists of assorted taxes charged by all three ranges of presidency.
«Collectively, these taxes signify 40% of the entire value paid by the primary purchaser.»
Mr Pressley argues governments really trying to supply assist ought to think about first residence purchaser preferences – usually for well-located housing – when allocating cash for grants and subsidies.
The extension of the $30,000 grant comes after the Crisafulli Authorities scrapped stamp duty for all first residence consumers shopping for or constructing a brand new residence.
It additionally eliminated restrictions on first residence consumers renting out spare rooms, permitting them to take action with out the necessity to repay stamp obligation concessions.
Extra broadly, the burden of stamp obligation was eased for first-time consumers in Queensland forward of the 2024 state election, with the former Labor government hiking thresholds for exemptions.
This week’s extension sees Queensland persevering with to supply the second largest first residence proprietor grant in Australia, behind solely the $50,000 grant offered in the Northern Territory.
Nevertheless, it mightn’t supply a lot reprieve for younger Australians trying to purchase a home in Queensland’s main city centres.
In accordance with realestate.com.au, there are at the moment no home and land packages listed for $750,000 or much less in Higher Brisbane or the Gold Coast areas.
Restricted availability exists between Brisbane and the Sunshine Coast, in addition to in Logan Metropolis and elements of the Sunshine Coast area.
In the meantime, land costs are surging.
In accordance with the Housing Business Affiliation (HIA), the median value of residential land in Australia completed 2024 at a report excessive of $369,530, with solely 42,600 tons offered that yr – a report low.
«The truth that these report low gross sales volumes occurred on the similar time that land costs re-accelerated from report highs, is indicative of shortages of shovel prepared land, pushed by the rising price of offering infrastructure and delays within the planning system,» HIA senior economist Tom Devitt mentioned.
«This means that dwelling value pressures will even persist, particularly as demand for housing will increase throughout the nation.»
Picture by Sandy Millar on Unsplash