The federal government has unveiled a near-$700 million housing package in an attempt to provide a lifeline to the construction industry and boost the economy. The plan will see home builders and renovators receive a $25,000 grant to put towards their home and will secure 140,000 jobs in the construction industry through the recession.
The sector forecast 171,000 new builds to begin construction this year. However, the COVID-19 pandemic has meant that this number has now reduced to 111,000.
The plan will be restricted to middle income earners who are looking at building or carrying out a major renovation that is between $150,000 and $750,000.
Renovations on sheds, pools, granny flats, garages, tennis courts or any other structures attached to the home are excluded and the pre-renovation value of the house must not exceed $1.5 million. Investment properties are also excluded from the new scheme.
If you are looking to purchase a property and renovate, it is important to note that all work must be completed by a licensed builder. Owner-builders and DIY renovators will miss out on this grant. This is to ensure that the money is being used to assist with preventing job loss in the construction industry.
This new scheme will be of huge benefit to our core area and the grant will significantly assist those who are looking at building or renovating. There is plenty of land available in the Coomera and Pimpama areas and our office work very closely with a range of developers including Choice Homes, Sunland Group and Bos Property.
Coomera and Pimpama are two of the fastest growing suburbs on the Gold Coast. They are highly sought after areas with many families choosing to move to these areas due to their close proximity to Coomera Westfield, schools, cafés, restaurants and more.
Peter Catanzariti, Principal of Ray White Upper Coomera says “This new scheme is a fantastic initiative from the federal government and it will help stimulate the economy while we are recovering from the COVID-19 pandemic. It will also ensure that the industry continues to grow and will mean that development in our core area will continue. This is an exciting opportunity and is not limited to first home owners, so people should act now if they wish to renovate or build a home”.
This scheme is temporary and will last until the end of the year.
In order to qualify for the grant, buyers must meet the following requirements:
– Must be building or renovating a home
– Singles must not earn over $125,000
– Couples must not earn over $200,000
– Major renovations must cost between $150,000 and $750,000
– Pre-renovation value of the house must not exceed $1.5 million
For more information on this new grant, contact us today on (07) 5573 1077.