By JOHN VAN KLAVEREN
CHANGES to a first-home owners’ grant will create more than 100 Geelong building industry jobs, according to developers.
Duke Property Group’s Sean Duke said the changes would stimulate local building, boosting sales to first-home buyers up to five per cent.
The First Home Owner Grant will increase from $7000 to $10,000 for newly constructed houses and apartments from 1 July.
The grant will combine with a 40 per cent stamp duty reduction to save more than $16,500 on a $400,000 home.
“This will stimulate the (new-home) market as far as work goes,” Mr Duke said.
“We’re already a big provider of jobs and with the changes that will only get bigger. It will stimulate the Geelong economy and make many more jobs available and we source 99 per cent of our tradies locally.
“This will be massive for Geelong – it’s never been a more affordable time to get into a new home.”
Armstrong Creek Development Corporation’s Mark Whinfield said encouraging more people to build new homes would have a “tremendous” flow-on effect.
“The (State) Government has recognised the importance of the building industry in job generation,” Mr Whinfield said.
“Interest rates are at their lowest for long time and this is offering another fantastic opportunity to get on the home owners journey.”
Buy Real Estate Institute Victoria chief Enzo Raimondo said the 30 June end of a $7000 grant for buying existing homes would affect more buyers.
“The majority of first-home buyers, around 70 per cent in the March quarter, prefer established homes,” he said.
