Land gross sales surge spurs $30 million enhance to WA constructing bonus

“We now have seen round 500 blocks of land offered per week in Western Australia and that is pushed up demand for the constructing bonus throughout the state.”

He introduced a brand new coronavirus help package deal, with the primary half a further $30 million to increase the constructing bonus program.

“This can enable many extra individuals to have the ability to entry this grant and guarantee many individuals throughout the state are employed in constructing, notably in residential development,” Mr McGowan mentioned.

Treasurer Ben Wyatt mentioned the bonus was having an influence across the state and had been extra well-liked than anticipated, with some cities seeing land gross sales after a protracted interval of inactivity.

The July lending figures noticed a 94 per cent enhance in finance for not simply owner-occupiers however traders as effectively. This was vital, allowing for the tightening rental market.

He mentioned land gross sales in regional WA have been going “very effectively”.

“In some components of Western Australia, [we’ve seen] land gross sales the place we have not seen Improvement WA transfer a property in a few years.

“The constructing bonus is actually having an influence not simply in metropolitan Perth however throughout Western Australia constructed across the truth Improvement WA has revalued their asset base.”

He mentioned Treasury had anticipated a 12 per cent contraction within the economic system within the June quarter, however solely 6 per cent eventuated, an indication the state was doing higher than anticipated.

“What goes extremely effectively is the constructing bonus,” Mr Wyatt mentioned.