First home buyers eyeing up the Queensland First Home Owners Grant (FHOG) in the coming months could be in for some good news. The latest release from the Housing Industry Association (HIA) has found that new home sales have increased during the April quarter – highlighting the growing strength of the real estate market nationwide.
Queensland’s FHOG is only available to buyers interested in building their own home or purchasing a recently constructed, new property. Seeking this incentive could provide first home buyers with the boost they need to purchase Bulimba real estate in the coming months.
HIA Economist Diwa Hopkins said the quarterly increase across Australia for new home sales was 5.8 per cent – raising these sales up to 23.4 per cent higher than the same time 12 months ago.
“It’s encouraging to see that during the March 2014 quarter all of the surveyed states recorded increases in detached house sales,” said Ms Hopkins in a May 2 statement.
“Strong results occurred in the areas where a new housing recovery is just gaining traction. In the key state of Queensland, detached house sales increased by 20.8 per cent in the March 2014 quarter. South Australia is also showing promising results, with sales up by 6.2 per cent.”