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2020-07-23 Industry News
Author: Satterley

Victorians rush into Government’s HomeBuilder scheme

The Federal Government’s HomeBuilder grant, announced in early June this year, has been well-received by new home purchasers, so far attracting the interest of more than 40,000 Australians.

The government predicted that the scheme would result in about 27,000 grants and while expressions of interest don’t equal successful grant applications, reports suggest that demand has exceeded its expectations. 

Much of the interest has come from Victoria and Queensland. More than 11,000 Victorians had registered for the grant by the end of July. Satterley observed a 50 percent increase in enquiries as soon as the scheme was announced at the start of June. Enquiries reached even higher levels at the start of July.

Satterley’s General Manager for Victoria and Queensland, Jack Hoffmann, says the government incentive has made a noticeable difference in the market.

“When the government announced the grant, we thought it was a really positive move. We’re pleased to see that it’s been embraced by those it’s aimed at.

“We know that many Victorians who were on the brink of buying a new home have been waiting to see how coronavirus would affect the market. The grant removes some of the uncertainty by providing a financial boost to individuals and families, and that’s led to an immediate jump in enquiries.”

Hoffmann said while the government hadn’t put a cap on the number of grants it would release, those interested in Satterley communities in Victoria would need to consider the limited number of eligible lots.

“The popularity of the scheme means we’ve had significantly more interest in our Victorian properties. But in some of our communities, there are only a handful of eligible properties remaining before the December 31 deadline.”

“We would encourage anyone interested in purchasing in a Satterley estate to consider this a great opportunity, but also a reason to act quickly.”

There are only a handful of HomeBuilder eligible lots remaining across Satterley's Victorian communities - Botanical, True North, Habitat and Arcadia - so buyers better be quick. 

To access the grant, buyers are encouraged to secure their land – and must have a contract signed – by 31 December 2020. They must have commenced building within three months of signing contracts.

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