Only three blocks of land likely for HomeBuilder in Canberra

Only three single residential blocks for sale in the ACT are likely to qualify for the $25,000 HomeBuilder grant because the remaining 355 blocks on offer are too expensive.

HomeBuilder provides eligible owner-occupiers (including first home buyers) with $25,000 to build a new home as a principal place of residence where the house and land value does not exceed $750,000.

But in Canberra the rising cost of land released by the ACT Government means only three single residential blocks on offer are likely to qualify.

According to the Australian Bureau of Statistics, it cost $440,772 on average to build a new house in the ACT in 2018-19. This means that Canberrans hoping to benefit from the HomeBuilder grant can only do so if the block of land costs less than $309,228. Even if a house can be built for $350,000, just 25 blocks would be suitable.

The Leader of the Canberra Liberals Alistair Coe said Labor’s strangling of land supply meant most prospective home buyers, including first home buyers, are likely to miss out.

“This is the reality of the Labor-induced housing crisis,” Mr Coe said.

“The Barr Government’s agenda to maximise profits from land sales by restricting the supply of land has driven up the cost of housing to unsustainable levels.

“Labor’s housing policies will see a generation of Canberrans miss out on their dream of owning their own home in the ACT.

“Many young Canberrans and families are just looking for an opportunity get ahead. They shouldn’t have to look over the border to find it.

“The Canberra Liberals want Canberra to be a place where families can realise their dream of owning their own home.

“That’s why the Canberra Liberals are absolutely committed to releasing more land and lowering taxes to help more families afford their own home in Canberra,” Mr Coe said.