First home owner grant extended in Queensland

First-time buyers with their eye on property in Burpengary are to be given a helping hand, as it's announced that Queensland's first home owner grant is to be continued.

Among the groups praising the announcement is the Property Council of Australia, which described it as a "boost in confidence for the residential sector". Queensland Executive Director of the Property Council Chris Mountford noted that real estate remains a core component of the state economy and should be given all the support it needs.

Known as the Great Start Grant, the initiative provides $15,000 to first home owners who are buying or building their property. The real estate must be valued at under $750,000 t

"Every dollar that will be spent building these new dwellings in Queensland delivers a significant and far-reaching multiplier effect throughout the community, particularly in terms of jobs, retail spending and taxation revenue," Mr Mountford noted.

He emphasised that Queensland's property industry accounts for 12.1 per cent of the total workforce, so it is crucial that every effort is made to keep it on its feet.

In order to be eligible for the Great Start Grant, applicants need to be at least 18 years of age and either an Australian citizen or permanent resident. Not only this, the applicant and their spouse must never have owned property in Australia in the past.

Everyone who makes the application must live in the property once it has been bought or constructed. The move in date must be within 12 months of the eligible transaction being completed and in order to keep the grant, it needs to be lived in for a minimum of six months.

If you're interested in making the move to Queensland, get in touch with the Ray White Burpengary team.