The federal government's HomeBuilder program continues to support sentiment in the real estate market, with Victoria recording the highest number of inquiries of any state.
Data from state and territory tax offices indicates that there were 11,367 claims for the scheme as of October 9. Of all the requests, 8,884 were for building a new home while the rest were for major renovations and rebuilds.
Of all the states, Victoria received the highest number of claims, comprising 4,176 of the aggregate figures. About 80% of all inquiries in the state were for the construction of new housing.
This was a surprising find, given recent calls from the Housing Industry Association to extend the project deadline in Victoria.
Fiona Nield, Executive Director of Victoria at HIA, said homebuyers in the state didn't have enough time to process what needs to be done to qualify for the program.
"The Fourth Stage restrictions in Victoria have slowed down home buying activity and with the December 31 deadline for signing a qualifying housing contract for HomeBuilder quickly approaching , the Victorians just need more time, ”she said.
Queensland followed Victoria in terms of the number of claims filed at 2,536. New South Wales came third, registering 2,331 claims.
These figures are in line with the recent Property Council survey, which shows the rebound in industry confidence is being fueled by stimulus measures. In fact, 75% of real estate developers surveyed said the HomeBuilder program would have a positive impact on their businesses in the next quarter.
Ken Morrison, Managing Director of the Property Council, said there had been a strong uptick in sentiment among those in the residential development sector as states and territories rolled out the program.
"HomeBuilder is the pop star of the government stimulus packages released so far – very effective, immediate, and value for money," he said.
New home sales were 11.8% higher in the seven months after COVID-19 restrictions went into effect compared to the same period last year, according to a recent report by HIA. This increase can be largely attributed to the HomeBuilder program, said Tim Reardon, chief economist at HIA.
"HomeBuilder has been successful in giving consumer confidence to customers who had delayed a major investment decision earlier in the year," he said. "The program has also brought buyers into the market who otherwise would not have been able to purchase their first home for several years."
The table below shows the number of HomeBuilder apps in each state:
Top suburbs:
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new city
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sth toowoomba
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