More than $639 million has been handed out to nearly 40,000 first-home buyers in Queensland since 2012, new figures reveal.
The Queensland government detailed its spending on First Home Owners’ Grants (previously known as Great Start Grants) in a recent question on notice, which showed that 37,581 first-home buyers have taken advantage of the incentive over the past six years, costing the government $639.1 million during that time.
First-home buyers from Brisbane, Moreton Bay and the Gold Coast had the biggest take-up, followed by Ipswich, the Sunshine Coast and Logan-Beaudesert.
The largest number of grants given out in Brisbane was in the southern region, where 2774 payments totalling $46.3 million were made. In the inner city, home to many of Brisbane’s new apartments, 2131 grants were given out, at a value of $35.2 million.
More than $70 million in grants were given out on the Gold Coast and $68 million in Ipswich.
Master Builders Queensland CEO Paul Bidwell said there was no disputing the effectiveness of the state government’s incentives.
“The boost has fluctuated up and down over the years, anywhere from $7000 up to $20,000, but it’s been obvious that whenever it has been increased, it’s stimulated the housing market,” he said.
“The bottom line is we know it works – in the two years from 2016, when it was increased from $15,000 to $20,000, the number of first-home buyers purchasing a property, getting paid a grant, went from 9000 people to 15,000 people.”
On July 1st this year, the First Home Owners’ Grant was reduced from $20,000 to $15,000.