Brian Brady
Last week, the Queensland housing industry was very excited to hear the news of new $10,000 grants that have been included in the 2011-2012 State Budget.
The new grants will start for homes contracted from August 1 2011, for 6 months, and will be offered to those building or buying a new home valued up to $600,000.
The Queensland housing industry is hoping that the new grants will provide the boost that it needs, however many people are questioning the loss of other housing incentives.
From August 1 there will no longer be stamp duty concessions available to non-first home buyers and there will be no more $4000 regional first home owner’s grants.
The loss of the stamp duty concessions will mean that home buyers purchasing a $400,000 home will have to pay double the amount of stamp duty that they currently do.
It’s likely that there will be some increased market activity up until August 1, for homebuyers who want to take advantage of the stamp duty concessions while they are still available.
There will still be stamp duty concessions in place for first home-buyers though, on homes worth up to $500,000.
Let’s hope that the new housing grants make up for any lost concessions though, and that the Queensland housing industry gets the boost that it needs.