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In a bid to win votes, the Tasmanian government has committed to increasing the First Home Owners Grant once re-elected.
Tasmanian Premier Peter Gutwein has announced an additional $10,000 to the First Home Owners Grant (FHOG) should a majority Liberal government be re-elected in the upcoming May election.
This would boost the total value of the grant to $30,000.
Mr Gutwein said that the grant will also be backdated to align with the federal government’s latest extension of the HomeBuilder scheme.
“This will have positive flow-on effects for Tasmania’s booming building and construction industry, creating more work and more jobs, especially following the end of the HomeBuilder grants,” the Premier said.
“The government understands there is a high demand for new housing stock across Tasmania, and this grant is one part of our multi-pronged approach to increase housing supply in Tasmania.”
According to Mr Gutwein, the cost of the FHOG initiative is estimated at $7.5 million.
The Property Council of Australia has welcomed the commitment from the Tasmanian government.
Tasmanian executive director Rebecca Ellson said that the increased grant will benefit young Tasmanians looking to enter the property market amid rising prices.
“We know that younger Tasmanians in particular are facing big challenges in entering the housing market, with the median dwelling value in Tasmania rising 12.5 per cent over the past 12 months alone. An increase to the First Home Owners Grant will go a long way in helping first home owners secure a home,” she highlighted.
Further, the grant will also deliver a much-needed boost to the construction industry, the executive director commented.
“It is absolutely vital that we increase our housing stock and this policy will give more Tasmanians the incentive they need to build or buy their dream home,” Ms Ellson concluded.