New figures released for first home owners boost
New figures out today show that more than 5,000 Australians took advantage of the Rudd Government’s First Home Owners Boost in its first full month of operation.
Announced on October 14 last year, figures for November show that 5,385 first home buyers entered the property market using the First Home Owners Boost.
Under the scheme:
- First home buyers who purchase established homes will have their grant doubled from $7,000 to $14,000; and
- First home buyers who purchase a newly constructed home will receive an extra $14,000 to take their grant to $21,000.
“The Rudd Government delivered the First Home Owners Boost to help young Australians into a home of their own and to keep residential construction strong,” Minister for Housing, Tanya Plibersek said.
“Builders and real estate agents have been telling me since October that they are experiencing an increase in the number of inquiries.
“I am pleased to report today that more than 5,000 first home buyers right across the country have taken advantage of the First Home Owners Boost in its first full month of operation.
“Housing is the major source of financial security for millions of Australians and their families.
“We need to maintain confidence in the housing sector to maintain employment and economic activity.”
First Home Owners Boost figures for November 2008:
| NSW | QLD | VIC | WA | SA | TAS | ACT | NT | |
|---|---|---|---|---|---|---|---|---|
| No of applicants taking up FHOB | 2076 | 1428 | 814 | 297 | 481 | 115 | 102 | 72 |
The latest Housing Industry Association survey of major builders, released this week, found that NSW, Victoria, South Australia and Western Australia all enjoyed higher sales of new detached houses in November.
The Rudd Government’s First Home Owners Boost is part of the Rudd Government’s $10.4 billion Economic Security Strategy to strengthen the Australian economy during the global financial crisis.