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Source: Residential Development Council

 

The federal government’s residential stimulus package has helped to underpin the residential industry in the face of the deteriorating global marketplace since its announcement last October.

 

After much speculation, the Federal Government confirmed the extension of the First Home Owners Boost until 2010. The First Home Owners Boost (FHOB) scheme will continue at current levels until September 30, 2009. Buyers will continue to receive $21k in grants in total for new homes and $14k for established homes.

 

From October 1, 2009 the FHOB will taper down to $7k for new housing and $3.5k for established housing. Buyers will receive $14k in grants in total for new homes and $10.5k for established homes.

 

From 2010, the First Home Owners Boost will end, leaving the First Home Owners Grant at the $7k level for all housing.

 

The industry is in strong support of the Government’s decision to extend the boost, which will ensure that the industry can maintain capacity and continue to provide much needed housing supply into the marketplace.

 

First home buyers have been, and will continue to be, an integral part of the property market equation.

 

Their participation in the market has underpinned workers in the construction and property industry in the face of crumbling international markets. 

Please click to see the RDC media release: FHOB extension excels in extraordinary times




Property Council of Australia

Below is a link to the online edition of Leading Indicators, the expanded data section of Property Australia magazine.
Each month, Leading Indicators brings you market news and data from companies including the Commonwealth Bank; Davis Langdon; InTech; the Property Council's own research division; Property Investment Research; and UBS.

Please click here to view their latest newsletter

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