Federal government expects its HomeBuilder scheme to offer a steady pipeline of work until 2022
More than 800 people in the Geelong region have lodged applications for $25,000 grants to build new homes or complete substantial renovations. Here’s the suburbs with the most applications.
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More than 800 people in the Geelong region have lodged applications for $25,000 grants to build new homes or complete substantial renovations.
The federal government’s HomeBuilder scheme, launched in June to stimulate the construction sector, has so far seen 679 applications for new homes and 128 applications for renovations lodged in the Geelong region, state revenue office data reveals.
The top five suburbs for applications in the region are: Armstrong Creek (115); Lara (74); St Leonards (52); Ocean Grove (40) and Torquay (54).
Enso Homes General Manager Matt Betts said the scheme had kept some of his staff employed due to the demand it’s created.
“Demand from first home buyers has definitely been brought forward (following the HomeBuilder scheme),” Mr Betts said.
“We’ve seen many upgraders and second home buyers that are in the market to secure their dream home and build in their preferred location.
“We are already looking at site starts into September, October and November of 2021.
“I just don’t see (demand) abating. There’s been a rush to try and sign contracts under the previous prescription by the 31st of December but with the extension it’s brought more people forward.”
The HomeBuilder scheme will be dropped to $15,000 grants from January for owner-occupiers who enter into contracts — to build new homes costing less than $850,000 or complete renovations worth $150,000 and $750,000 — has been extended for contracts signed until March 31, 2021.
Owner-occupiers who enter into contracts for new builds or renovations before the end of the year will be eligible for $25,000.
Under the scheme construction does not have to start until six months after contracts, signed on or after June 4, are entered into, and applications for the program can be submitted until 14 April 2021.
The scheme is limited to people with an annual income of up to $125,000 or a couple with $200,000.
Mr Betts expected demand for HomeBuilder to come from the Bellarine Peninsula in coming months.
“The extension of the HomeBuilder grant will continue to do great things for our marketplace in Geelong.”
Federal Housing Minister Michael Sukkar said: “First home buyers continue to lead our comeback with the number of owner occupier first homebuyer loan commitments increased by 3.4 per cent in October to reach 13,481.”
As of November 22, more than 7500 Victorians had applied for grants under the HomeBuilder scheme.
The government said the HomeBuilder extension would create a steady pipeline of construction work through to 2022 that would guarantee tradies work.
Housing Industry Association data for October shows new home sales across the country were up 31.6 per cent in the three months to October compared to the same period in 2019.
Originally published as Federal government expects its HomeBuilder scheme to offer a steady pipeline of work until 2022
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