Land sales across the Bundaberg Region have skyrocketed as prospective homeowners take advantage of government incentives.
Belle Eden Estate development manager Mike Farrell said he had noticed a significant increase in the local market.
“Land sales have gone through the roof,” Mr Farrell said.
The lead-up to June 30 saw a flurry of activity in the market, which he attributed to the December 31 deadline for the $25,000 Federal Government HomeBuilder grant.
“The last stage we built was 26 lots, at this stage we’ve only got four left,” he said.
“That was in a very, very short period of time,” he added.
“The government incentives hit and everything just rocketed.”
In addition to the Federal Government grant, people buying new homes can also access the Queensland Government regional home building boost of $5000 and, if they’re a first homeowner, another $15,000.
“It would appear most of the activity is coastal,” Mr Farrell said.
“From our perspective here at Belle Eden it’s local people, particularly young people, taking advantage of the incentives.”
Bundaberg Regional Council group manager development Michael Ellery said Council had also introduced incentives to stimulate the development and building industries.
“Council incentivised 1717 residential lots initially under its Open for Development scheme which made it more attractive for developers to invest in the Bundaberg Region,” Mr Ellery said.
“To assist with the economic recovery from COVID-19 we extended this initiative for two years.
“As a result, 21 residential developments were extended for two years in June 2020 with 350 lots still incentivised and being developed.”
Mr Farrell said he’d been involved with land sales in the region since 2006 and oversees sales, planning and construction of Belle Eden Estate alongside a team of consultants, contractors and agents.
And he said there’s never been a better time to buy land.
I’ve never seen it in my time a better chance for a young kid to get into the property market and start following their dreams,” he said.
“Honestly now is the time to dip your toe in the water and just buy.”
Mr Farrell said the increase in land sales was good news for the local economy with the stimulation of the building industry set to filter down to other businesses.
“I spoke with a representative from a building company; they normally do 40 houses a year and now their target is 76,” he said.
“All the builders are busy.
“It’s a very, very busy time for land and property in Bundaberg.”
Source: Bundaberg Now