Building Boost Extended For 3 Months

Following industry demand and significant momentum in applications in recent weeks, the Bligh Government will extend the $10,000 Queensland Building boost for a further three months.

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Deputy Premier and Treasurer Andrew Fraser said the Boost was beginning to make headway in the housing industry, with a $10,000 grant available to all home purchasers buying or building a new home worth less than $600,000.
"Industry has come to me asking for an extension to the Boost and that's what we'll provide," Mr Fraser said.

"They've said to me, and the recent application numbers show, that the Boost is increasingly gaining traction with potential buyers.

"Official interest rates have been lowered in recent months, and with the possibility of even more cuts, this $10,000 grant for buying or building a new home means it's never been more attractive to sign on the dotted line and support the state's housing industry.

"A first home owner also gets the $7,000 state funded first home owner's grant and zero stamp duty if the home is worth less than $500,000.
"An end date of April 30 will give developers and builders and extra three months to market the Boost and give the housing industry the kickstart it needs."

Mr Fraser said the Treasury considered that the initial budget allocation of $140 million would cater for the time extension.
"So far we've seen over 3,700 applications for the Building Boost. There is obviously room within the budget allocation to accommodate the uptake in interest we expect over the next three months.

"Every housing stimulus package always has a large increase in interest at the back end of the time period, with many applications coming in after the end date."

Mr Fraser said the Boost had already delivered increased activity in the sector.

"The HIA Home Sales report shows that Queensland is the only state that has increased the number of new home sales each month from August to November (the most recent month data has been collated for).

"I expect that momentum to swing through December and January and into the next few months as well.

"Building approvals data this week also showed growth for houses.

"More new homes means more work for builders, more work for labourers, more work for other workers in the construction sector - even more work for spin-off sectors like retail.

"The Bligh Government's number one priority is jobs. The Queensland Building Boost isn't about churn in the real estate industry - it's aimed purely at increasing housing stock, creating jobs in the sector and potentially improving housing affordability in the long term."

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