Boost to grant of little use for most

A BOOST to the Great Start Grant might be welcome news to first homebuyers wnting to

build, but an increase in stamp duty for overseas buyers may stifle investment.

Urban Development Institute of Australia Queensland branch president Adam Gowlett said the Great Start Boost – which will now rise from $15,000 to $20,000 – would ­likely only benefit a small pool of buyers.

“The increase to the first homebuyers grant is welcome news but unfortunately is only accessed by a very small ­percentage of new homebuyers,” Mr Gowlett said.

“Most first homebuyers buy an established house, unit or apartment.”

Affordability was often the key issue for first-timers ­wanting to get a step on to the ­property ladder.

“Due to high housing costs and often lower wages, regional first homebuyers buying new homes is very small,” Mr ­Gowlett added.

“That said, any support for the industry is welcomed. Every $1 million spent in the development and construction industry equals three full-time jobs ­directly created and ­sustained.”

The announcement by the State Government last week is aimed at growing construction activity across Queensland. Read More Here At The Cairns Post