Victoria leads the HomeBuilder-based recovery with over 25% of new home construction
Helping Australians get into a home of their own and supporting tradies’ jobs are both key priorities for the as we build a comeback from the COVID-19 recession, according to the Morrison Government
The Treasury's latest figures released today show, that as at 31 December 2020, over 75,000 households have applied for a HomeBuilder grant, with 80 per cent of applications to construct a new home.
Tradies and home buyers in every state and territory has benefitted from these HomeBuilder applications;
Source: Australian Treasury
As a key driver of our comeback, the Treasury estimates that HomeBuilder will now support up to $18 billion of residential construction projects.
HomeBuilder was designed immediately to inject confidence and encourage buyers back into the market to offset the devastating effects of the pandemic on the residential construction industry.
On all counts HomeBuilder has achieved this objective and kept hundreds of thousands of tradies in work who would have otherwise been facing the unemployment queue.
To maintain this momentum in Australia’s economic comeback, the Morrison Government has announced HomeBuilder will be extended until 31 March 2021.
For all new build contracts signed between 1 January 2021 and 31 March 2021:
- Eligible owner-occupier purchasers will receive a $15,000 grant; and
- The property price caps for new builds in New South Wales and Victoria have been increased to $950,000 and $850,000 respectively.
In addition, the construction commencement deadline has been extended from three months to six months for all eligible contracts signed on or after 4 June 2020.
Extending HomeBuilder ensures there a steady pipeline of construction activity through to 2022.
Three Victorian developments eligible for the HomeBuilder Grant:
1. The Docklands Residences
Address: 3-43 Waterfront Way, Docklands VIC 3008
The Docklands Residences will sit atop a brand new 8-floor Marriott Hotel, and residents will be able to enjoy the use of 5-star hotel amenities, including a spectacular infinity pool, gym, sauna and spa, as well as Marriott’s hotel services such as room service, concierge and housekeeping.
The development will include 200 hotel rooms and 88 limited oversized residences, with enviable aspects of the water, city and Bolte Bridge.
With construction almost complete and settlement taking place in January 2021, few residences still remain, now selling from $693,000.
2. 661 Chapel Street
Address: 661 Chapel Street, South Yarra VIC 3141
661 Chapel St comprises spacious one, two, three and four bedroom residences across 30 magnificent floors. A soaring private lobby spanning four levels features a gallery-like space filled with renowned artworks, and six-star hotel-like amenities on the ground floor and level six all combine to deliver the ultimate luxury lifestyle experience.
Due to the unique location, 661 Chapel St’s uninterrupted views can never be built out. These sweeping views encompass not only the iconic river, but also Melbourne’s CBD, impressive night or day, bay views to the south, and the greenery of the park-like campus of Melbourne High School.
There are one bedroom and two bedroom apartments available from $546,000 and $798,000 respectively.
Developed by Gamuda Land, it was designed by bird de la Coeur architects and is under construction by Crema Constructions.
3. Moreville
Address: 12-18 Napier Street, Footscray VIC 3011
Designed with exceptional quality at the forefront, Moreville brings together 41 stunning 1, 2 and 3 bedroom apartments by the banks of the Maribyrnong River. High-end features and finishes are standard, with sleek monochrome tones, floor-to-ceiling windows and endless finely curated details. At the pinnacle, a spectacular rooftop terrace showcases sweeping city views with communal entertaining and gym facilities for residents.
A premium development embedded in Footscray’s heart, walking distance to its thriving centre, growing business hub and the vibrant market precinct, while cafes and retail will also feature on the building’s ground floor. Set in a quiet tree-lined street just 500m from Footscray train station, with direct freeway access nearby and the CBD just minutes away.
Two bedroom apartments in the development start at $525,000.
All of these developments also have deluxe residences for sale with prices over the HomeBuilder Grant threshold.
Further reading:
Buy now and save: 20 Urban listings eligible for the $25,000 HomeBuilder Grant