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Building Boost extension to encourage buyers

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The continuation of the Queensland Building Boost will help the housing market to gain momentum, a building industry group has claimed.

The extra three month extension to the $10,000 bonus will help home building and build on the recovery seen in 2011, the Housing Industry Association has claimed.

“The Boost had played a part in rekindling interest in building a home. Combined with the lift in affordability from lower interest rates and fierce competition among builders, the Boost has made it a great time for building a new home,” said HIA Queensland executive director Warwick Temby.

Treasurer Andrew Fraser's state government assistance for those buying or building a new dwelling previously required investors have entered into a contract by the end of January.

“This timely announcement will help to set the scene for a much needed lift in activity from the thirty year lows the industry experienced in 2011,” Mr Temby said.

“HIA is very pleased that the Government has been able to respond to its call for extending the operation of the Boost. The home building industry is a crucial component of the Queensland economy,” he said.

Real Estate Institute of Queensland CEO Anton Kardash has also welcomed the extension to the Building Boost, saying that any initiative to help the property market is always welcomed, and the new deadline of 30 April will assist hundreds of extra buyers enter the market.

“However, while our property market is starting to show signs of recovery, the removal of the principal place of residence concession on stamp duty last year continues to act as a deterrent to many buyers of both established and new homes," Mr Kardash said.

The $10,000 Queensland Building Boost is available to buyers or builders of new Queensland homes under $600,000 who sign a residential contract on or before 30 April 2012.

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