Queensland's first home buyers grant is being doubled to 30-thousand dollars. The expanded scheme is expected to help up to 12 thousand Queenslanders, but the opposition and social welfare groups say it'll do little to fix the housing crisis.
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00:00 Vaishnavi and Siddharthan Sampath dream of owning their first home.
00:07 We were actually looking when it was like $15,000 and we were just trying to pull in funds and stuff.
00:11 That's when we saw it on Instagram this morning that it would be like a $30,000 grant from tomorrow.
00:16 We were super excited.
00:18 They're not alone.
00:19 It's a very welcome handout for people who are like me, just trying to get in.
00:24 From tomorrow, the grants will be available to people who buy or build a new home valued at less than $750,000.
00:31 This is huge. It's a great pre-Christmas bonus.
00:36 The scheme includes substantially renovated houses.
00:39 A unit, a townhouse, or even if your parents want to put a granny flat out the back.
00:46 While on face value the grants may sound great,
00:49 the Productivity Commission says they may actually increase the number of people wanting to buy a new home.
00:55 And that puts upward pressure on house prices unless more supply becomes available.
01:01 That will be life changing for those families, those young people buying a home,
01:06 but in the overall stock of housing won't have an inflationary effect.
01:09 The opposition is dubious.
01:11 Well I'd say it's a step in the right direction,
01:13 but the Labor Government have failed to listen to the warning signs on land supply in Queensland.
01:18 We're working with industry and councils to try and unlock more affordable supply to rent and to buy.
01:24 Social welfare groups approve of the grant, but want more affordable housing options.
01:29 A third of Queenslanders probably will never own a home,
01:33 and we need more support for people who are currently renting,
01:36 and for the families who are living in cars, tents and hotel rooms.
01:40 A person has to have the dignity of owning their own home.
01:43 Prospective first home owners are banking on it.
01:46 It just gives us hope to actually buy a new house.
01:49 The grants expire mid 2025.
01:52 5.
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