The Federal Government’s HomeBuilder scheme has led to a surge in new home inquiries since it was announced in early June.
REA have today released their ‘Insights New Homes Snapshot’ for July, which shows inquiries to developers nationally jumped by almost 63% in June.
Even more impressively, inquiries about land experienced a 93% lift over the month.
“I expect to continue seeing high levels of enquiry to developers as buyers look to capitalise on government incentives and historic low borrowing costs that are currently available,” REA Group Executive Manager – Economic Research, Cameron Kusher, said.
“First home buyer activity increased 28.5 per cent in June when looking specifically at email enquiry on realestate.com.au, and it’s likely some of this activity was a result of the HomeBuilder stimulus announcement.
“It’s no surprise that land estate new development is benefiting from HomeBuilder given the package is geared towards new builds, there are restrictions on construction timeframes that inhibit apartment development, and the Australian dream is to own a house.”
The $25,000 offered by the scheme, on top of state government incentives have, not surprisingly, led to this surge in interest.
For state-by-state statistics, and other interesting graphs, check out REA’s insights.