Demand for new housing booming in Wide Bay region
Demand for new dwellings is up 48 per cent in the Wide Bay-Burnett region, with the building industry kicking off the new year on a high note.
It comes as the State Government confirmed it would extend the Regional Home Building boost grant until March 31.
The expansion of the grant will see eligible new home buyers continue to receive $5000 after the purchase or construction of a brand-new house, unit or townhouse valued at less than $750,000.
After expressing disappointment at the regional grant missing a mention in the State Budget, Master Builders chief executive Grant Galvin said the announcement was sure to boost confidence.
“The extension of the time frame gives builders a longer pipeline of work, which is exactly what they need as uncertainty around the pandemic continues,” Mr Galvin said.
“Many builders had been forced to turn potential new customers away because they couldn’t meet the previous December 31 deadline.
“Coupled with the extension of the HomeBuilder Grant announced by the Federal government before Christmas, the boost will give a hand up to new home buyers who might otherwise have found their dreams out of reach.”
The latest regional building approvals figures confirm government stimulus continues to feed demand.
Australian Bureau of Statistics figures show demand for new dwellings jumped by a whopping 89 per cent in North Queensland in the three months to October 2020, closely followed by the Far North at 83 per cent.
The Sunshine Coast enjoyed a 54 per cent boost, with the Wide Bay Burnett region up 48 per cent and Mackay and Whitsundays increasing 38 per cent.
All outstripped Greater Brisbane, up just 16 per cent, while demand on the Gold Coast dropped by 14 per cent.
“With Treasury forecasting 86,000-plus interstate migrants will move to call Queensland home in the next four years, this extension will give our industry the tools it needs to get on with leading our state,” Mr Galvin said.