The Federal Government’s new homebuyer grant has seen interest in vacant land sales increase by 60% in June, according to gures from realestate.com.au.
The increase follows the announcement of the Federal Government’s HomeBuilder scheme which provides eligible owner-occupiers (including rst- home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home”.
Real estate agents reveal there has been a strong response from rst-time buyers with enquiries for vacant land from this cohort increasing 180%, compared to homeowners rising by 35% and investors just 26%.
“It’s obviously going to be very positive for the construction sector,” REA Group director of economic research Cameron Kusher says.
Increased property market activity largely occurred outside New South Wales, which recorded a rise of 55%.
It is suggested the $750,000 limit is an unrealistic requirement given Sydney’s high property prices.