Following the Federal Government’s announcement of a 688 million yuan home builder subsidy program (HomeBuilder), builders are experiencing substantial sales growth.
This subsidy program gives cash subsidies of 25,000 yuan to buyers of self-occupied or hand-built suites who are eligible to prepare for the construction of new or renovated homes. In response, Tim Reardon, chief economist of the Housing Industry Association, said that new home sales had increased by nearly 78% in June. “After the worst months on record, we have seen a sharp increase in the number of newly signed home sales contracts.” Rayden said, “There has been a significant turnaround in consumer confidence.”
The extra cash means that owners have been able to add to the construction all other items previously excluded due to cost reasons, such as larger walk-in closets and advanced design features (not included in the standard configuration).
https://www.abc.net.au/news/2020-07-14/building-boom-hits-north-east-victoria/12423764