Queensland government doubles first-home buyer's grant to $30,000

ABC NEWS (Australia)

Queensland's first home buyers grant is being doubled to 30-thousand dollars. The expanded scheme is expected to help up to 12 thousand Queenslanders, but the opposition and social welfare groups say it'll do little to fix the housing crisis.

Transcript

00:00 Vaishnavi and Siddharthan Sampath dream of owning their first home.

00:07 We were actually looking when it was like $15,000 and we were just trying to pull in funds and stuff.

00:11 That's when we saw it on Instagram this morning that it would be like a $30,000 grant from tomorrow.

00:16 We were super excited.

00:18 They're not alone.

00:19 It's a very welcome handout for people who are like me, just trying to get in.

00:24 From tomorrow, the grants will be available to people who buy or build a new home valued at less than $750,000.

00:31 This is huge. It's a great pre-Christmas bonus.

00:36 The scheme includes substantially renovated houses.

00:39 A unit, a townhouse, or even if your parents want to put a granny flat out the back.

00:46 While on face value the grants may sound great,

00:49 the Productivity Commission says they may actually increase the number of people wanting to buy a new home.

00:55 And that puts upward pressure on house prices unless more supply becomes available.

01:01 That will be life changing for those families, those young people buying a home,

01:06 but in the overall stock of housing won't have an inflationary effect.

01:09 The opposition is dubious.

01:11 Well I'd say it's a step in the right direction,

01:13 but the Labor Government have failed to listen to the warning signs on land supply in Queensland.

01:18 We're working with industry and councils to try and unlock more affordable supply to rent and to buy.

01:24 Social welfare groups approve of the grant, but want more affordable housing options.

01:29 A third of Queenslanders probably will never own a home,

01:33 and we need more support for people who are currently renting,

01:36 and for the families who are living in cars, tents and hotel rooms.

01:40 A person has to have the dignity of owning their own home.

01:43 Prospective first home owners are banking on it.

01:46 It just gives us hope to actually buy a new house.

01:49 The grants expire mid 2025.

01:52 5.

01:52 [BLANK_AUDIO]

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