This article is from the Australian Property Journal archive
AFTER the $147 million Building Bonus program was introduced in June, the WA Building Bonus program will be extended to allow homebuilders an additional six months to commence work and access the $20,000 grant.
This extension by the McGowan government will create hundreds of additional jobs, ensuring the pipeline of construction work will continue into 2022. This will add some certainty to the construction industry amidst the COVID-19 pandemic.
“Reports from the building industry confirm the grants have been a crucial driver of jobs and activity, and the industry is now thriving as a result,” said Premier Mark McGowan.
These grants are available to homebuyers who sign a contract to build a new house or purchase a new property in a single-tier development, such as a townhouse, by December 31st, 2020.
“The Building Bonus is an important part of the $5.5 billion WA Recovery Plan, creating jobs for Western Australians and stimulating the local economy,” said McGowan.
Previously in order to be eligible, site excavation works to build a new home must have begun work within six months of contracts being signed, but the demand for the grants and the resulting demand for construction work led to both industry and homebuyers expressing concern with the time limit.
“The Building Bonus has been so successful and created so much activity in the building industry that six months is simply not long enough for many people to commence building their new home,” stated Treasurer Ben Wyatt.
“The State Budget released earlier this month included a record $27.1 billion investment in infrastructure over the next four years which will continue to support WA’s economic recovery and create a pipeline of jobs,” he said.
“The extension takes the total investment by WA taxpayers to support the housing sector to more than $1.6 billion in this term of government.”
