building boost grant extended

25 January 2012

The Queensland Government's Building Boost Grant was introduced in August 2011 to stimulate the Queensland housing market. The scheme offers a $10,000 non-means tested grant to buyers of newly built home and units priced at less than $600,000. The initial deadline was 31 January 2011.

Following extensive lobbying by industry bodies including the Master Builders Association, the Urban Development Institute of Australia and the Real Estate Institute of Queensland the deadline has been extended. Applications for the Grant will be accepted for contracts entered into by 30 April 2012. 

The Building Boost Grant, which is in addition to the $7,000 new home owners receive under the first home owners grant offered by the Federal Government, applies to all home purchasers buying or building a new home worth less than $600,000.

Looking forward 

The purpose of the extension is to provide further stimulus for the construction industry. Other factors, however, may continue to impact on the uptake of the Grant. The removal of the stamp duty concession rates for people who are not first home buyers in July 2011 may have reduced the positive impact of the Building Boost Grant to date. This is despite the increase in the transfer duty concession rates for first home buyers from 1 August 2011. 

Announcing the decision, Deputy Premier and Treasurer Andrew Fraser noted that the extension of the time frame for the Grant comes amid increasing signs of an up-take in residential construction, with Queensland being the only state to have registered consecutive monthly increases in the four months to November and approvals data showing good growth for houses.

For more information on this or any other property related matter, please contact: 

Rebecca Castley | Partner
Mullins Lawyers
t +61 7 3224 0211
f +61 7 3224 0333
rcastley@mullinslaw.com.au