A Chance to Build a New Home with HomeBuilder Grant
We recently talked a little bit about the Federal Government’s plan to help those who would like to build a new home or upgrade their homes with the HomeBuilder Grant. It looks like many are seeing this great opportunity and taking advantage of what it can do to help with their home rebuilding and upgrading plans.
Skyrocketing sales and inquiries were reported Thousands of Australian buyers flocked into the market as soon as the announcement made about the HomeBuilder Grant. The reports came from developers themselves from across the country days after the announcement. Of course, there was initial confusion surrounding this scheme because it gave the impression that it was available even for millionaires because of the grant eligibility. But despite this, hundreds of sales over the last weekend were recorded particularly in Sunshine coast through Melbourne – with first-time home buyers leading the numbers.
According to reports, the first seven days leading up to last Sunday received about 156 reservations for land, specifically across Queensland and Victorian projects. The number of reservations was so impressive - the figure recorded a 70 percent increase from the previous week and a staggering 130 percent increase from the two weeks prior. The website itself garnered about 188,000 visits and 13,900 interested Australians registered.
So, I think it is safe to say that the response is very positive.
According to Minister for Housing and Treasurer Michael Sukkar, the HomeBuilder package aims to avoid the construction pipeline from running dry in the second half of 2020. The design is to drive Australians who had to make the decision to push back their plans on either building a new home or upgrading their existing one before COVID19 hit the nation. As previously mentioned, leading this surge are first-time homebuyers who have been holding off to the plan for quite some time now.
Despite the recent effects of the pandemic especially on the economy, 2020 is shaping up to have stronger sales than last year, which is something that the economy will benefit greatly from. In addition to the figures, the majority of those who registered are a mix of first-time homebuyers with young families and retirees.
This renewed interest was not as expected – according to Mr. Morrison, they were not even prepared for it. After all, it’s been a difficult couple of months for everyone. But this is a great move that will help so many Australians, and of course, the economy. But while knowing that a lot of individuals find the HomeBuilder package as a great tool, the real test lies over the next couple of months as the finances will be finalized.
In the meantime, the current market is enjoying the perks of the HomeBuilder grant with more and more inquiries from prospective buyers. No matter what others might say, the grant is still a huge amount of money that homebuyers can use so there is no wonder why there’s such an overwhelming response.