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Falling approvals not due to canned home bonus

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Victorian treasurer, Kim Wells, has recently slammed claims that a national fall in building approvals is the result of the end of the state’s first home bonus.

“Building approvals fell across every state in Australia in July, but Victoria had the highest value of approvals of all states for the past 12 months,” said Mr Wells.

While the First Home Owners Bonus ($13,000) for new homes was canned in June this year, the First Home Owner’s Grant for new and existing homes ($7,000) is still available.

The Regional Bonus ($6,500) has also been ended.

However, Mr Wells points to increasing stamp duty concessions over the next two to three years.

“Blaming a nationwide fall in building approvals on the end of the first home bonus in Victoria is like adding one plus one and getting three. It’s misleading,” he said, claiming the new concessions provide ‘certainty’ to home owners and the construction industry.

Instead, “Rising construction costs, militant union behaviour and Labor’s carbon tax are weakening business confidence and driving uncertainty in the property market,” he said.

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