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Property sector to heat up as building stimulus package kicks in

15 Oct 12

South Australian homebuyers will respond positively to the news that a special grant is available to purchase and build new properties, according to the State’s peak real estate organisation.

Commenting on the State’s Government’s decision to extend homebuyer grants for new properties, the Real Estate Institute of SA said the grant was an important investment to stimulate construction and the South Australian economy more widely.

“The grants will help people get into a new property sooner and it will also help create additional housing stock that is needed with projected population growth in the future,” REISA Chief Executive Officer, Mr Greg Troughton said.

“Although REISA is disappointed that the first homeowner grant is being reduced for people purchasing existing properties, the intent to stimulate the housing market and construction is respected.”

“The property sector in our State employs one in ten South Australians and we generate over 40% of taxation revenue, so we are pleased to see that Government is considering ways to support the property sector, especially with a flat economy.”

A summary of the changes are below:

First Home Buyers of off-the-plan apartments in the City and Riverbank precinct (until
30 June, 2013)

First Home Owners Grant $15,000 (Property valued up to $575,000)
Housing Construction Grant $8500 (Property valued up to $400,000)
Stamp Duty Savings $16,330 (Off-the-plan apartment valued at $400,000)
Maximum Total Assistance $39,830

Any person who buys an off-the-plan apartment in the City and Riverbank precinct (until
30 June, 2013)

Housing Construction Grant $8500 (Property valued up to $400,000)
Stamp Duty Savings $16,330 (Off-the-plan apartment valued at $400,000)
Maximum Total Assistance $24,830

First Home Buyers who build or purchase a brand new home (until 30 June, 2013)
First Home Owners Grant $15,000 (Property valued up to $575,000)
Housing Construction Grant $8500 (Property valued up to $400,000)
Maximum Total Assistance $23,500

Any person who builds or purchases a brand new home (until 30 June, 2013)
Housing Construction Grant $8500 (Property valued up to $400,000)
Maximum Total Assistance $8500

First Home Buyers who purchase an established home (until 30 June, 2014)
First Home Owners Grant $5000 (Property valued up to $575,000)
Maximum Total Assistance $5000
 

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