Boosted grant a timely support for home buyers and builders

Treasurer Curtis Pitt says the latest ABS figures show approvals for new houses in Queensland up 2.5 per cent on a trend basis over the year to June. 

Mr Pitt said the results underlined the timeliness of the Palaszczuk Government’s Queensland First Home Owner’s Grant that now provided $20,000 to people buying newly constructed dwellings worth up to $750,000. 

“Across the state building approvals overall were 2.4 per cent lower over the year because of the anticipated tapering off in demand for home units and apartments,” he said. 

“While approvals for houses rose 2.5 per cent over the year there was a 6.8 per cent decline in approvals for units and apartments. 

“However, the overall value of residential building approvals in Queensland was $1.17 billion in June 2016 which is up from $1.11 billion a year ago. 

“The Housing Industry Association has responded to the latest ABS figures by acknowledging building approval levels on a national basis are easing from the record highs they hit last year. 

“Once again this is due predominantly to the well-known slow-down in the home units and apartments market which itself offers an opportunity for people wanting to use the QFHOG to enter the market.” 

Mr Pitt said in the State Budget the government boosted the $15,000 Queensland First Home Owner’s Grant by $5,000 for 12 months from 1 July for newly built dwellings up to $750,000. 

“This will not only help more people buy their first home, it will also help stimulate activity in the building industry and create new direct or indirect jobs and secure exiting ones,” he said. 

Mr Pitt said the LNP would likely use the higher, seasonally adjusted figures for building approvals to help their campaign to talk a down the Queensland economy. 

“Tim Nicholls as a former Treasurer should know that the more reliable figures are the trend figures so he should be honest with Queenslanders,” he said. 

“The LNP is never happier than when they are being negative, destructive and misrepresenting our state’s economic and financial performance.

“But the facts don’t support their campaign of misleading negativity,” he said. 

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