Sell with Confidence
Read More
News

New First Home Buyer Incentive to Have No Impact

By Dan Sowden

The new QLD Government have reshaped First Home Buyer Grants in the budget released today. Ray White Maroochydore Principal, Dan Sowden, has real doubts regarding this recent policy change. In particular for the minimal flow-on effect it will have on the QLD property market.

“It has never worked in the past and it certainly won’t work in the future” said Mr Sowden.

“This restructure is undoubtedly designed to create a stronger influence in the new-build sector. However, this will do nothing  for the existing re-sale market.”

According to leading Property Economist Michael Matusik, first home buyers represent just 11% of the total QLD property market.Noteabley, an even smaller percentage of these buyers are actually buying a new property.

As of October 11, Campbell Newman’s Government will remove the First Home Owner Grant and replace it with a one-off $15,000 incentive for first time buyers purchasing off the plan or newly constructed properties. First time buyers who buy established properties prior to the 11th of October will still receive the existing $7000 grant.

In summary:

  • $15,000 for first home buyers of new and off-the-plan properties. This applies from September 2012
  • New $15,000 grant only applies to newly constructed homes, or properties bought off-the-plan
  • Current $7000 grant for first home buyers of existing properties to be scrapped from October 2012

To be eligible, first home buyers must:

  • Make the property the principal place of residence within one year of taking ownership and live there for at least six months
  • Not sell the property within a year of moving in
  • Buy or build a property worth less than $750,000.

To read further insights from Michael Matusik his blog can be found at  http://matusikmissive.wordpress.com/author/matusikmissive/

Up to Date

Latest News

  • In this market, your patience is rewarded

    Opinion piece – Dan Sowden | Ray White Maroochydore Principal & Chief Auctioneer As they say, “Patience is a virtue” and there is no exception when it comes to selling your home. And while it’s no secret the current strength of the market means homes are selling faster than we … Read more

    Read Full Post

  • Interest from far and wide for unique Eerwah Vale property

    67 Mount Eerwah Road, Eerwah Vale Sold by Natalie Tink for $950,000 on 29 January 2021 When agent Natalie Tink listed the eclectic rural property at 67 Mount Eerwah Road, Eerwah Vale, she knew the interest would be high, what she didn’t realise was just how high and how … Read more

    Read Full Post