$10,000 Queensland Building Boost Grant

Available for a limited time only – 1 August 2011 to 31 January 2012

 Anna Bligh and the Queensland Government have followed in NSW footsteps and introduced a Building Grant to stimulate the construction industry in Queensland. The $10,000 Queensland Building Boost Grant is available to any person or corporation buying or building a new home to live in, or to rent out for investment purposes, for homes less than $600,000.

NSW are currently half way through a 2 year exemption on Stamp Duty for properties that are off-the-plan constructions. Queensland, in a way, has gazumped NSW with this new scheme as the numbers work out better in some cases, especially for investors. Currently in NSW the Stamp Duty saving for a house & land construction only applies to the land component as there is no stamp duty payable on construction involving draw downs. So the saving may only be around $4000. In Queensland you would have to pay the Stamp Duty of around $4,000 for the land but the Government will give you a $10,000 Grant. The net effect is an approximate $6,000 win for investors buying in Queensland.

The Building Boost Grant is designed to re-ignite Queensland’s housing construction sector following a combination of falling property transfers and the economic impact of a summer of natural disasters.

There is a limited time frame for people to take advantage of this opportunity, as the Qld Government is only offering the Grant for Contracts signed from 1^st August 2011 to 31^st January 2012.

At Property For Wealth we see this as a massive opportunity for investors as prices have already softened in Queensland making it a buyer’s market, and with the addition of this Grant our clients are going to be in a great position to fast track their property portfolio. Now is not the time to procrastinate as there is a 6 month window here. We have a fantastic section of properties available right across Qld, so contact us now and be ready to take advantage!

Below is the transcript from Anna Bligh which is available on the Qld Government Website.

Premier and Minister for Reconstruction
The Honourable Anna Bligh

Tuesday, June 14, 2011

Bligh’s $140 million Building Boost to stimulate housing sector

Premier Anna Bligh and Treasurer Andrew Fraser have announced major reforms to the state’s housing sector to boost construction jobs and make new housing more affordable.

The Queensland Building Boost is a six month, $140 million initiative that will provide a $10,000 grant for all Queenslanders constructing or purchasing a new home up to the value of $600,000, with first home buyers also eligible for the $7,000 first home buyer’s grant.

“The Queensland Building Boost is a shot in the arm for the construction industry and yet another Bligh Government reform that makes entering the housing market more affordable,” the Premier said.

“Housing construction is a major employer in Queensland. This Boost is aimed at stimulating that market and creating more Queensland building jobs.

“The Queensland Building Boost will be available for six months from 1 August. I would urge anyone looking to build or purchase a new home, particularly first home buyers, to get in quick and make the most of this opportunity.”

The Premier said the Boost comes on the back of her Government’s reforms in previous budgets to make housing more affordable for young people.

“Already, Queenslanders don’t pay one cent of duty on first home purchases up to the value of $500,000.

“The Queensland Building Boost is on top of those concessions that are already in place.”

Mr Fraser said the housing sector has struggled since the onset of the global financial crisis.

“This is a sector doing it tough with many builders struggling to find work. The Government has taken action to create more activity in the sector and boost jobs growth,” Mr Fraser said.

“The Queensland Building Boost not only makes a new home more affordable and creates construction jobs, but it will add to our state’s existing housing stock – which has been under pressure due to our strong population growth.

“This is the most generous statewide housing grant in the nation.”

Mr Fraser said to fund the $140 million Queensland Building Boost, and the $139 million abolition of the ambulance levy on electricity bills, the Government would remove a long standing transfer duty concession for homebuyers not replicated in any other state.

“Queensland has long offered a concession on transfer duty for a principal place of residence. No other state has a discount regime like Queensland did.

“Even after removing it, the indisputable fact is that Queensland will continue to have the lowest standard stamp duty rates for all homes in the mainland States of Australia.

For more detail on the Queensland Building Boost and changes to transfer duty, go to www.budget.qld.gov.au