The South Australian state government's new home boost will help bring confidence to homebuyers and revive the faltering construction industry, the Property Council of Australia says.
Property Council of Australia (SA Division) Executive Director Nathan Paine praised the South Australian Government for its action on the recommendations of the Construction Industry Roundtable held in September.
"It's heartening to see that the Government has acted on the industry's collective wisdom in this time of urgent need," Mr Paine said.
"Clearly the Government has recognised the enormous role that the property and construction industry plays in maintaining a healthy economy, and has invested accordingly.
"This new policy should be the game-changer that will instil a sense of confidence for homebuyers and get money flowing around the economy again.
Mr Paine said the state’s economy had been held down by fear for quite some time, with consumers being cautious despite market indicators showing that now is the ideal time to be investing in property.
"This is great news for all homebuyers but it is especially timely for the CBD apartment market where, combined with existing initiatives, this announcement could mean a first homebuyer purchasing an eligible apartment could save up to $40,000,” he said.
"Other housing choices don't miss out; all homebuyers, including new and existing owners, can get help to get the housing product they want, so long as it's new.
"It's a win-win-win policy: it helps homebuyers get into the home they want; it keeps construction workers in their jobs, and it keeps the economy turning over, to create new jobs and opportunities."