While some believe the federal government's new housing stimulus package has missed the mark, an Illawarra advocate for the property industry has praised the move.
Property Council regional director for Illawarra Michelle Guido said the HomeBuilder Program will stimulate confidence and save jobs in the residential and construction sector in the Illawarra/Shoalhaven at a critical time for the economy.
Under the government's HomeBuilder scheme those wanting to buy a new home or renovate their existing home will be able to access a $25,000 government grant.
The grants are for individuals earning less than $125,000 or couples less than $200,000, and cannot be used to buy an existing house, while for the renovation grant, the project must cost at least $150,000.
"Demand for new housing construction had a gloomy outlook over the next six months, and with housing construction playing a major role in our local economy, this new scheme will create jobs and support local businesses in the property and construction industry," Ms Guido said.
"This $25,000 HomeBuilder grant is the right incentive at the right time and is good news for the region.
"It will help to provide a real boost for the industry and generate economic activity for new housing to meet the demands of population growth and incentivise renovation projects which will in turn support local businesses."
Ms Guido said it will be important to maximise the benefits of this scheme locally, and they looked forward to working with the government on its implementation.
"A critical component will be what steps the state government will now take in relation to their own first home owner grants and stamp duty concessions.
"We are well-engaged with the all levels of government in what else is needed to incentivise construction activity including fast-tracking approvals and ensuring the efficiency of the planning system to meet the increased activity this program will provide in the sector."
Housing Industry Association managing director Graham Wolfe said the HomeBuilder package will support the delivery of tens of thousands of new home and renovation projects.
The HIA estimates it could generate more than $15 billion in national economic activity.
However, Labor and social housing advocates believe the government has "missed the target" with the scheme.
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