$25k home builder grant stimulates demand for new homes
Confidence has returned to the property market in a big way, according to new forecasts from Domain.
Domain has forecast house and unit prices to increase in both 2020 and 2021. These forecasts cover Australia as a whole and also the seven biggest capital cities (with Darwin being excluded).
The $25,000 HomeBuilder grant has proved very popular, with new home sales jumping 77.6% from May to June, according to the Housing Industry Association.
To be eligible for HomeBuilder, you must:
- Be an owner-occupier
- Earn less than $125,000 for singles and $200,000 for couples
- Build a new home or substantially renovate an existing home
- Sign the contract before 31 December 2020
- Start building within three months of the contract date
(Other conditions apply. Click here for more details.)
But beware of buying a property just to access the grant.
The tight December 31 deadline means you might struggle to get a building contract signed with a reputable builder by the end of the year.
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