The Government’s decision to extend and adjust the successful HomeBuilder program will help keep hundreds of thousands of people in jobs as Australia continues to recover from the pandemic.
The Property Council of Australia has strongly welcomed the Government’s announcement to extend the HomeBuilder scheme to 31 March 2021 with a 6 month commencement window and adjusted price caps.
“HomeBuilder has been the most successful Federal stimulus for the construction industry of the past two decades and has kept hundreds of thousands of Australians employed,” said Property Council Chief Executive Ken Morrison.
“Its extension will provide thousands more homes and tens of thousands more jobs while Australia prepares for a COVID safe restart to immigration and population growth restart.
“HomeBuilder saved the construction industry from falling off a cliff earlier this year. But with no substantial immigration likely next year, it makes sense to extend this economic bridge further.
“This is a big win for hi vis construction jobs across Australia and all the white collar jobs that support the sector.”
The extension to the HomeBuilder program will:
· Extend the eligibility for HomeBuilder to 1 January 2021 to 31 March 2021
· Taper the grant to $15 000 for eligible owner-occupiers who sign contracts between 1 January and 31 March
· Extend the commencement window to 6 months (end of September 2021)
· Increase the price cap for new builds in Victoria and New South Wales to $950 000 and $850,000.
“The extension of the deadline for commencement is very welcome as it will allow more homes to enter the pipeline and also assist apartment developers provide more housing stock across the country.”
“The increase of the price cap for new builds in NSW and Victoria is a sensible move that will give more Australians access to new homes and boost jobs and recovery across the two states that have been impacted most by the pandemic.”
“Next year holds many challenges for all Australians including the huge economic activity gap that exists without normal immigration levels growing the economy and creating jobs.
“The government has today extended the recovery bridge to help address that gap and the industry strongly welcomes this extension.”