Australia Property News: first time buyer grant gives market boost

The federal government´s economic stimulus plan has delivered a major boost to the housing sector, Housing Minister Tanya Plibersek says. The minister said South Australians were taking up the
boosted first home owners grant at a rate of about 1,000 a month.

More than 3,350 signed up between October last year and the end of February this year. Under the scheme, first home buyers who purchase an existing home can have their grant doubled to A$14,000 (US$9,860.2) while those who build a new home can get A$21,000.

"The first home owners boost, combined with low interest rates, has attracted tens of thousands of first home buyers into the market, right across the country," Ms Plibersek said on Friday ahead of a meeting of the Ministerial Council on Housing in Adelaide.

"Construction accounts for about nine per cent of all employment in Australia, nearly one million jobs, so increased first home buyer activity means jobs right across the economy."

Ms Plibersek said figures for January showed first home buyers made up 26.5 per cent of home loans for owner occupiers, a record high.

"Some builders are also starting to see signs of more second and third home buyers as confidence builds in the housing market," she said.



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