News Column

Grant Sees Property Council Clock Up Another Win

February 24, 2014

SYDNEY, Feb. 24 -- The Property Council of Australia issued the following news release:

The Property Council's campaign to remove roadblocks for people looking to downsize their homes clocked up another win this weekend with the Labor Government announcing a new grant, says the Property Council of Australia.

On Saturday Premier Jay Weatherill announced an $8,500 grant for people aged over 60 looking to downsize their home. The grant will be available for new builds up to the value of $400,000, phasing out for homes valued up to $450,000.

Labor says it will commit $7 million a year for two years after which the scheme will be re-evaluated.

"This is a huge win for the Property Council and its members," says Property Council (SA Division) Executive Director Richard Angove.

"Labor's grant will boost the construction of new homes and increase the supply of existing housing stock, providing greater opportunities for younger South Australians to take the first step to home ownership."

The grant will be secure for two years and assist hundreds of asset-rich, cash poor retiree homeowners looking to downsize their homes.

"In conjunction with Stamp Duty concessions for CBD apartments, also secured thanks to Property Council advocacy, this grant will offer significant benefits for older South Australians, and flow on benefits for South Australians at large.

"Removing barriers to growth, encouraging the construction of new builds and removing disincentives to down-sizing and right-sizing are polices that the Property Council has staunchly advocated for," Mr Angove said.

"When you consider the gains made by extending the Housing and Construction Grant and securing partial Stamp Duty concessions on new apartments from 1 July 2014 until 30 June 2016, this policy is a positive step towards stimulating the development sector."

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Source: Targeted News Service

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