Good news for Queensland FHB

by Julia Corderoy25 Jun 2015
Queensland first home buyers have been delivered some good news in the upcoming state budget.

Speaking at a Property Council lunch yesterday, Treasurer Curtis Pitt confirmed the state's first home owners grant put in place by the Newman Government would stay, the Brisbane Times reports.

The Great Start Grant offers $15,000 to first home buyers who purchase or build a new property as their first home.  According to the Brisbane Times, from its inception in the 2012-13 budget to the end of May 2015, more than 12,000 people had taken up the grant.

Pitt says it made sense to keep it in place as property is one of the state's best-performing sectors, with dwelling approvals for the March quarter up 26% on the same time last year.

“Dwelling investment has grown by 11% over the year to the March quarter, and investment commitments for the construction of new dwellings increased in the March quarter to the highest level since February 2008, up $625 million,” he said.

“And in the past quarter, investment housing finance for existing dwellings hit $4.2 billion, the highest in seven years.”