State Government urged to extend two key first homebuyer grants
Set to expire on June 30, major housing and real estate bodies have urged the State Government to reconsider keeping the decision to boost assistance to first home buyers.
The grants are the Housing Construction Grant of up to $8500, which is available to all home buyers buying or building a new home. The other grant is an off-the-plan concession, worth up to $21,330, which provides a full stamp duty concession for new or refurbished apartments in the CBD or at Bowden Village.
Buyers will have to sign a contract by June 30 to be eligible for this concession. Then they will have a further year of the apartment to be built.
Housing Industry Association SA director Robert Harding said that the grants were crucial to keep a depressed property sector afloat. In the same vein, Connekt Urban Projects director Brett Williams said it was important that grants have been very, very helpful to kick-start a stagnant market.
Whilst the State Government has confirmed the $15,000 First Home Owner Grant on new homes and the $5000 grant on established homes will continue into the new financial year, the existing cut-off date for the Housing Construction Grant and the stamp duty concession ‘remained in force.’