Queensland’s regional building industry is kicking off the New Year on a high note, with the Palaszczuk government confirming it has extended the Regional Home Building boost grant until 31 March 2021. Source: Timberbiz
The expansion of the grant will see eligible new home buyers continue to receive $5000 after the purchase or construction of a brand-new house, unit or townhouse valued at less than $750,000.
After expressing disappointment at the regional grant missing a mention in the State Budget, Master Builders CEO Grant Galvin said the announcement was sure to boost confidence.
“The extension of the time frame gives builders a longer pipeline of work, which is exactly what they need as uncertainty around the pandemic continues,” Mr Galvin said.
“Many builders had been forced to turn potential new customers away because they couldn’t meet the previous 31 December deadline.
“Coupled with the extension of the HomeBuilder Grant announced by the Federal government before Christmas, the boost will give a hand up to new home buyers who might otherwise have found their dreams out of reach.”
The latest regional building approvals figures confirm government stimulus continues to feed demand.
ABS figures show demand for new dwellings jumped by a whopping 89% in North Queensland in the three months to October 2020, closely followed by the Far North at 83%.
The Sunshine Coast enjoyed a 54% boost, with the Wide Bay Burnett region up 48%, and Mackay and Whitsundays increasing 38%. All outstripped Greater Brisbane, up just 16%, while demand on the Gold Coast plummeted 14%.
“With Treasury forecasting 86,000-plus interstate migrants will move to call Queensland home in the next four years, this extension will give our industry the tools it needs to get on with leading our state,” Mr Galvin said.
