The HomeBuilder grant has driven the highest level of new home commencements in more than 20 years.
It has been a fantastic program that has driven building activity in our region like we have never seen before. Latest building approvals figures released by the Australian Bureau of Statistics show hunders of new houses were signed off over the past eight months acr
It was intended to be a lifeline for the construction industry that was flailing at the outset of the pandemic. Few would have expected how successful the program would be, and by how much it would exceed expectations.
It has helped local builders like Garraway Developments, who are currently run off their feet with 12-18 months of work ahead of them.
The $15,000-$25,000 grant encouraged individuals and families to invest hundreds of thousands in a new home. When considering the amount of money being pumped into the economy, all the way down the construction supply chain, this represents an extraordinary return on investment for Government. The flow on effects for the economy have been fantastic.
Most importantly, the Grant has helped thousands break into the housing market, including many young families.
I recently met Nick and Jordan, who have purchased a house and land package in Lockstar Homes’ new estate, Riverside Rise. Nick and Jordan are the prime example of hardworking first home buyers. They knuckled down and saved a much as possible for a deposit. When the HomeBuilder grant came around, the couple were quick to make their minds up about the life-changing decision to commit to their new home.
Their anticipation for their new home was palpable. They told they’ve driven past the subdivision hundreds of times to check the progress.
The Minister for Housing and Assistant Treasurer, Michael Sukkar, was in Mildura this week visiting local builders and home buyers. He was in disbelief at the level of activity occurring in Mildura.
The Minister is aware of several challenges facing builders at the moment, who are working against timber supply issues and lengthy approval processes. I’ve asked the Minister to provide builders with more breathing room to ensure every HomeBuilder application runs its course and is eligible for the funding.