HomeBuilder provides boost to property market, wider economy

The HomeBuilder scheme has provided a substantial boost not only to the property market but to the overall Australian economy.

According to Master Builders Australia, the HomeBuilder scheme had an economic boost of around $120.6bn, on top of supporting around 374,349 full-time jobs.

The scheme has also supported building works with an overall value of $41.6bn

A report from the Housing Industry Association said the FY 2020/21 saw 139,195 detached housing commencements, 5.2% higher than the previous record of 132,377 set in FY 1988/89.

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

“Every one of the HomeBuilder applications received represents a signed contract, which means more first homebuyers into their first house and more jobs in the construction sector,” he said.

Based on Treasury data, the biggest share of HomeBuilder applicants were from Victoria, accounting for around 29% of all applications.

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

“The direct economic impacts of HomeBuilder and the nationwide flow on effects will be seen well into 2023.”

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Photo by @freestocks on Unsplash.