First Home Owners Grant Extension Welcomed by HIA
HIA’s Victorian Executive Director Gil King said: “This is a proactive measure that recognises the value of the residential construction industry to Victoria’s economic activity and employment. The boost to the First Home Owners Grant for new homes has lifted business confidence in the industry and assisted thousands of aspiring first home buyers looking at purchasing a new dwelling.”
Today’s budget announcement takes the First Home Owners Grant for new homes in Victoria to $18,000 in metro centres and $22,500 for new homes in regional areas of Victoria.
“The Victorian Government has through this budget measure confirmed the importance of the housing industry to the Victorian economy. We expect the boost will provide up to 4,000 new jobs for the industry over the next twelve months and provide opportunities for apprentices right across the state,” said Gil King.
HIA has worked closely with the Victorian Government in developing this measure and appreciates the recognition Premier John Brumby and Treasurer John Lenders have given to the housing industry and to the aspirations of first home buyers who have in recent times had to battle record lows in housing affordability.
HIA believes the boost will also assist the state in meeting current and expected demand for housing. Victoria has a shortage of housing and this measure recognises the importance of boosting the supply of affordable housing stock.
“The Victorian Government has set an example for the Federal Government and other state governments to follow. The Federal Government’s boost to the First Home Owners Grant has been extremely successful in creating jobs and helping address the chronic shortage of housing across Australia. HIA calls on the federal and state governments to follow Victoria’s lead,” said Gil King.
