Interesting news through from realestate.com.au showing that the government’s new homebuyer grant has triggered a land rush with demand for vacant residential property surging in the last two months.
Emails to real estate agents inquiring about land sales soared by nearly 60 per cent in June after the HomeBuilder scheme was announced, according to figures from realestate.com.au.
The $25,000 handout for those building a new home for less than $750,000 was intended to incentivise first-time buyers, and this group has responded in droves.
Enquiries from new buyers looking for vacant land was up nearly 180 per cent, compared to homeowners rising by 35 per cent and investors just 26 per cent.
“It’s obviously going to be very positive for the construction sector,” REA Group director of economic research Cameron Kusher said of the industry that has suffered mass job losses since coronavirus rattled the Australian economy.
“The main thing though is that HomeBuilder is a stimulus package much more designed for house and land than it is for apartment builders, who certainly seem to be missing out.”
The recent surge in coronavirus cases in Australia has created instability over the length of the scheme which was created for building and renovation contracts signed between June and December 31 this year, Mr Kusher told news.com.au.
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