Property market update: Melbourne, April 2022
Melbourne’s growth plateaued over April and posted its first quarterly since the start of the pandemic boom, further d...
In a bid to help more Tasmanians build or buy a home, the state government’s own HomeBuilder Grant is already doing the job of stimulating the construction sector.
The Tasmanian government’s own $20,000 HomeBuilder Grant has landed with much fanfare, with 2,034 applications for the Tasmanian HomeBuilder Grant having already been conditionally approved, while 776 grants have already been paid.
With the majority of grant payments expected to be funded through to 2022, the full cost of the Tasmanian HomeBuilder Grant is estimated to be $41.4 million.
One big benefit of the state scheme is that it’s been able to be used in conjunction with the Australian government’s $25,000 HomeBuilder grant for those Tasmanians who accessed that federal scheme prior to its conclusion.
According to Minister for Finance Michael Ferguson, the grant scheme aims to address the social and economic impacts of COVID-19 by providing Tasmanians with a significant amount of financial support to help them build or buy a home.
“Tasmanians have taken advantage of a range of grant schemes and support measures introduced by the Tasmanian Liberal government, providing a lifeline to our construction and building industries at a critical time, while helping more Tasmanians build or buy a home.
“These grants meant that residential building activity was brought forward, and supported the thousands of jobs within the building and construction sectors during a crucial time for our economy,” the minister said.
On top of the local HomeBuilder Grant scheme, the state government has also announced an increased First Home Owner Grant – from $20,000 to $30,000 for contracts entered on or after 1 April 2021.
The cap for stamp duty concessions has also been increased by $100,000 to $500,000 to help those buying their first home and pensioners downsizing to a smaller dwelling.
“We will continue to secure Tasmania’s future by stimulating activity in the building and construction sector, keeping Tasmanians in jobs, and helping more Tasmanians to build or buy a home,” Mr Ferguson concluded.