Building grant a solid foundation for first home buyers
Demand has flourished for land among first home buyers in the Ipswich region
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HUGE demand has prompted a developer to release another 47 blocks of land in one of Ipswich’s boom suburbs, with government grants cancelling out any lull in activity that may have been brought on by coronavirus.
The Ecco Ripley Development released its fifth stage of at the end of July, with 80 per cent already sold.
On Thursday they will release the latest stage, Lighthaven.
Sekisui House sale manager Scott Blaney said coronavirus had done nothing to deter buyers.
“In relation to year on year, it would still be 30 per cent up in terms of land,” Mr Blaney said.
“Comparing the main part of COVID – March, April, May – to now, if I had to put a percentage on it, it would be ridiculous.”
He said customers were mostly locals and included a high percentage of first home buyers.
Following the Federal Government’s offer to grant $25,000 towards individuals building a home, sales skyrocketed and the demographical makeup of buyers shifted slightly.
“It’s an even bigger percentage of first home buyers now – in the past maybe 40 or 50 per cent were first home buyers combined with a mix of families, downsizers and investors,” he said.
“Whereas, at the moment, 70 to 80 per cent are first home buyers.”
The state’s first homeowner grant, when combined with the Federal Government’s HomeBuilder grant amounts to about $40,000.
“There is no doubt the grant has stimulated our demand,” Mr Blaney said.
“It’s massive – it’s 10 per cent of the price of a house and land package.”
Mr Blaney said the grant had likely encouraged buyers who would otherwise not have built – or even bought – their own home to do so.
Stage six, Ecco Ripley Lighthaven, will include plots ranging in size between 300 and 659 square metres.
It will be released on Thursday, 8 October.
Read more news by Ebony Graveur.
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