Triple delight for first home owners

15 Oct 2008
Added by:
Residential Development Council
Caryn Kakas
Media Release

The Residential Development Council applauds the Federal Government’s commitment to bulking up the housing market with the doubling of the First Home Owners Grant today – and the tripling of the grant for those building new homes.

With the demand for housing dramatically exceeding supply, the tripling of the grant to $21,000 will get builders building again - and first home buyers buying again.

In welcoming the change, Caryn Kakas, Executive Director of the Residential Development Council, said there has never been a better time to introduce this cash injection.

“With loans to first home buyers exceptionally low the government is making the dream of home ownership attainable for first home owners,” Ms Kakas said.

“Right now the industry is hurting. Building approvals have dropped by 13 per cent since the start of the year, and are at their lowest level since April 2001.

“Once builders leave the industry, they don’t come back. The tripling of this grant will help maintain and improve capacity in the building industry,” Ms Kakas said.

Ms Kakas believes directing the First Home Owners Grant at first home buyers buying new homes will not only help fix our critical shortage of housing but also provide a much-needed boost to the economy.

“Every dollar that goes into the construction industry has a multiplier effect, benefiting not only builders and associated tradespeople, but also industry manufacturers, suppliers, and the wider community.

“Injecting this money into the construction industry means the government is tripling its efforts to restore confidence in the marketplace during a time of global financial turmoil,” Ms Kakas said.

Media Contacts:

Caryn Kakas, Executive Director, Residential Development Council on 0404 257 540 or; or

Kate Ellis Welsh, PR & Communications Manager, Residential Development Council on 0438 760 206 or