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Oliver Hume Welcomes Doubling of Queensland First Home Owner Grant
Queensland first home buyers now have more reason than ever to get on the property ladder and purchase a brand-new home after the Government doubled the support available to $30,000.
Under plans announced over the weekend, the Government is adding an extra $15,000 to the current $15,000 available under the First Home Owner Grant.
The $15,000 boost will come into effect for transactions entered on or after Monday, 20 November and is available to first home buyers who are buying or building a new home valued at less than $750,000 (including land and any contract variations).
This increase means Queenslanders will have access to Australia's highest First Home Owner Grant, triple the grants available in New South Wales and Victoria.
Oliver Hume Queensland General Manager Dan Ross, the upsized grant would make it easier for first-home buyers to get on the property ladder.
"This is a great move by the government," he said. "First home buyers feel the pressure of interest rates and cost of living pressures more than anyone else, and they can use a little extra support to make their home ownership dreams come true."
"There is a huge variety of properties under $750,000 and some great deals available in the new house and land market at the moment, so it is great time for them to reconsider their plans, factor in the grant, and go out and see what is available."
"The urban growth corridors through Logan and Ipswich offer a tremendous lifestyle for young families and first home buyers, which is why they are proving incredibly popular at the moment for buyers from all over South-East Queensland and Australia."
Oliver Hume's latest Quarterly Market Insights (QMI) report for the three months to the end of September showed land prices across South-East Queensland had have begun to stabilize with the average price for a block of land now $342,250.
The median price in the Logan LGA ($316,000) was slightly more expensive than the Ipswich LGA ($313,000) and much cheaper than both Moreton Bay ($379,000) and the Gold Coast ($690,000).
Oliver Hume is currently selling land across 14 different projects around south east Queensland.
Over the last three years, the First Home Owner Grant has helped more than 24,000 households into their first home through $365 million in grants, including 6,305 buyers in Ipswich and 6,783 buyers in Logan.
It is estimated the doubling of the grant will support around 12,000 buyers to unlock their first home by 30 June 2025, when the boost is set to expire.
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