The buyer incentives all developers need to be aware of

Kayla and Darius Boyd Brisbane residence by Base Architecture 

Following the release of the Federal Government’s much publicised HomeBuilder Grant, we thought it was about time we looked, in depth, at the different financial incentives currently on offer to buyers across Queensland. 

When considering the below incentives, in conjunction with those currently available to the development industry, there is a clear opportunity for savvy developers to deliver a residential product that is attractive to incoming buyers.    

New Residential Builds

The Federal Government’s HomeBuilder Grant offers owner-occupiers $25,000 cash to build a new home.  To be eligible:

  • the buyer must be an Australian citizen and over the age of 18
  • the buyer must have a maximum income of $125,000 per annum (if an individual) or $200,000 (if a couple)
  • the buyer must enter into a building contract between 3 July 2020 and 31 December 2020
  • the buyer must use the home as their primary place of residence
  • the house must by valued up to $750,000 (including land); and
  • construction must commence within 3 months of the contract date.

Home Renovations

The Federal Government’s HomeBuilder Grant offers owner-occupiers $25,000 cash to substantially renovate an existing home.  To be eligible:

  • the buyer must be an Australian citizen and over the age of 18
  • the buyer must have a maximum income of $125,000 per annum (if an individual) or $200,000 (if a couple)
  • the buyer must enter into a building contract between 3 July 2020 and 31 December 2020
  • the buyer must use the home as their primary place of residence
  • the renovations must be valued between $150,000 and $750,000
  • the house must not be valued at more than $1.5 million before the renovation; and
  • construction must commence within 3 months of the contract date.

First Home Buyers 

In addition to the above incentives, the Queensland Government is also offering the following grants and stamp duty concessions to first home buyers buying their primary place of residence:

  • A cash grant of $15,000 towards buying or building a new house, unit or townhouse provided it is valued equal to or less than $750,000.
  • A concession on having to pay any stamp duty on any property valued at $500,000 or less (equating to a savings of up to $8,750).

Many local governments like Brisbane City Council are also offering first home buyers a rebate on paying the first 12 months of rates.  In particular Brisbane City Council are offering 50% off the first year (up to $1,000).

Mia Hickey

Author Mia Hickey

Mia is the Director and Principal Town Planner at Hickey Oatley Planning & Development. Mia is a passionate and driven professional, who has experience leading a wide variety of planning and development projects, establishing a key expertise in the facilitation of major development projects from inception through to delivery. With her many years’ experience, Mia has developed an in-depth knowledge of the Planning Act and the commercial realities which underpin a successful project. Mia maintains a focus to continuing professional development and is currently a participant in the Property Council of Australia’s 500 Women in Property initiative.

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