$25K HomeBuilder grant causing land-buying frenzy

A major Mackay developer says ‘land is running out’ as the ‘extremely rare’ grant entices the market

Pointglen Developments development manager Paul Thompson and Knight Frank agent Louise Slater. Pictures: Contributed

MACKAY buyers are wasting no time snapping up residential land as the $25,000 HomeBuilder grant entices people into the market.

Pointglen Developments development manager Paul Thompson said residential land sales at their Richmond Hills and Shoal Point Waters estates had gone "through the roof" since the grant was introduced in June.

"Across all of our estates, our sale rates probably increased 400 per cent," Mr Thompson said.

"In two-and-a-half months, we've probably sold or put on hold about 30 per cent of our stock."

 

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Stage five of Richmond Hills was now sold out, Mr Thompson said.

Similarly, Knight Frank agent Louise Slater said they had sold four half-acre lots (0.2 hectares) at Seaforth Beach Estate in the first week of the land being released.

"While the pricing of the lots has a lot to do with motivating people, there have been minimal sales in the wider area for some time, so the (grant) incentives play a key part in the minds of purchasers," Ms Slater said.

She said two more blocks had gone under contract this week with 15 lots remaining.

Three blocks of more than six hectares priced from $370,000 were still available, she said. 

Both Mr Thompson and Ms Slater said the combined $45,000 of grants available for first homebuyers was fuelling the demand for residential land.

"Australia's never seen anything like it," Mr Thompson said.

"There are three grants that are available.

"The $25,000 HomeBuilders is available for anyone whether you already own a home or not.

"You can combine that with the $5000 state grant which is only applicable to regional areas - any homebuyer can get that one provided it's a place of residence.

"Then you obviously have the first homeowners grant of $15,000."

 

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Mr Thompson advised those looking to buy to "get in sooner rather than later".

"Land is running out," he said.

"Because of scarcity of land, that puts upward pressure on pricing."

"I think we have a once-in-a-lifetime opportunity here.

"Mackay is at an extremely affordable stage in the property cycle.

"Our land prices are probably even less than they were in 2010.

"The other thing is government grants like this are very rare".

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