Time runs out for state government incentive to buy new

Queensland property buyers are quickly running out of time to claim the full incentive of up to $35,000 to buy a new home, according to leading Brisbane Property Investment Consultants, Grow Consulting Group.

Managing Director of Grow Consulting Group, Ayda Shabanzadeh, said in June the State Government made the decision to stimulate the residential building industry and local property market by offering all buyers of new homes a one-off short term grant of $10,000.

"Together with the first home buyers grant and competitive negotiations with developers, we have been able to bring this up to a grand total of $35,000 savings for some property buyers," she said.

According to Ms Shabanzadeh, because the incentive applies to all property buyers, a very large number of Queenslanders have already taken advantage of it.

"They were also attracted by the particular developments that qualify for the incentive - all being in high growth areas within close proximity to the CBD."

Ms Shabanzadeh expects enquiries to continue flooding in, right up until the date the incentive finishes, on 31 January next year.

"Particularly now that interest rates have dropped for the first time in around two and a half years, buyers are starting to realise that if they are going to enter the property market, now is the time to do it."

Ms Shabanzadeh warns that anyone considering buying under the incentive do so immediately.

"It is not expected that the grant will be extended, so this effectively means Queenslanders keen to buy a home under the grant should do so over this holiday period before it runs out."

While the purchase needs to be made before the deadline of 31 January 2012, Ms Shabanzadeh said it is not necessary that the home is actually built or completed before then.

 "For a comprehensive home building project, building work must commence within 26 weeks of the date of the contract and be completed within 18 months of the work starting, whereas for homes and apartments bought off the plan, the building work must be completed by 31 July 2013."

Grow Consulting Group partner with you in achieving your goals through property. They are a specialist team consisting of property investors, property agents and market experts, and assist their clients by sharing their expertise and knowledge, offering services in three core business areas - finance, property investment and property management.  An intricate understanding of the property market in South-East Queensland and its changing dynamics, together with partnerships with experts including real estate agents, developers, accountants, quantity surveyors, insurance consultants ensure an exceptional service is provided to time-poor investors.