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HomeBuilder provides boost to property market, wider economy

HomeBuilder provides boost to property market, wider economy
Written by Publishing Team

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The HomeBuilder program has provided a huge boost not only to the property market but to the Australian economy in general.

According to Master Builders Australia, the HomeBuilder program generated an economic boost of about $120.6 billion, as well as supporting about 374,349 full-time jobs.

The scheme also supported construction work with a total value of $41.6 billion

A report by the Housing Industry Association said the 2020/21 fiscal year saw 139,195 separate residences start up, 5.2% more than the previous record of 132,377 set in fiscal 1988/89.

Assistant Treasurer Michael Sugar said the scheme was able to help 137,621 Australians build a new home or significantly renovate their existing properties.

“Every single one of the HomeBuilder orders received represents a signed contract, which means more first-time homebuyers are in their first home and more jobs are in the construction sector,” he said.

Based on Treasury data, the largest share of HomeBuilder applicants was from Victoria, accounting for about 29% of all applications.

Applicants to build a house in every state

New South Wales

25934

Victoria

39661

Queensland

28957

Western part of Australia

21,695

South Australia

13939

Tasmania

3935

Australian Capital Territory

2,939

Northern Territory

562

sum

137,622

“HomeBuilder continues to ignite the residential construction industry and has been a key part of the government’s plan for economic recovery from the COVID-19 pandemic,” said Mr. Sugar.

“The direct economic impacts of HomeBuilder and national flows on impacts will be seen well into 2023.”

Image via freestocks on Unsplash.

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