Today, the Canberra Liberal’s announced a first home buyer scheme which will assist Canberrans looking to build their first home and in turn, provide the residential construction industry with a boost.
The scheme will save first home buyers $25,000 on the purchase of land blocks released by the Suburban Land Agency throughout 2021.
Master Builders ACT CEO, Michael Hopkins said, “This announcement is welcomed by the ACT construction industry with the potential to increase the work pipeline for residential builders as they face one of the toughest economic downturns in history.Ã¢â‚¬Â
“In conjunction with the current stamp duty concessions available in the ACT, buyers have the potential to save $33,000,Ã¢â‚¬Â he said.
Mr Hopkins said, “In August 2020, 30.1% of housing loan commitments in the ACT for owner occupiers were for first home buyers –œ the third lowest jurisdiction in comparison to other States and Territory’s.Ã¢â‚¬Â
“The scheme has the potential to bring home buyers back to the ACT, rather than building in the surrounding region,Ã¢â‚¬Â he said.
Mr Hopkins said, “This is great news for the local construction industry and will extend past the expected end date of HomeBuilder which is 31 December 2020.Ã¢â‚¬Â
“The HomeBuilder scheme, announced by the Federal Government earlier this year in response to the COVID induced recession, has seen in excess of 300 applications in the ACT,Ã¢â‚¬Â he said.
Mr Hopkins said, “It’s hoped that a local scheme such as the one announced today would have an even greater impact on the local economy with a high take up rate based on the success of HomeBuilder.
“For every $1 invested in home building activity, $3 is provided to the wider economy, meaning that this announcement will have a positive flow on effect to many other industries,Ã¢â‚¬Â he said.
View the Master Builders ACT 2020 ACT Election Priorities in further detail here.
Authorised by Michael Hopkins on behalf of Master Builders Association of the ACT.