Grant builds on popularity of vacant land

The recently released HomeBuilder scheme is already having a positive impact on the South Australian property market if recent activity is any indication.

Since the federal government announced the $25,000 package in early June, inquiry levels on vacant blocks listed with Toop&Toop have increased dramatically.

The HomeBuilder program was designed to stimulate the residential construction sector in response to the economic downturn caused by COVID-19. It provides eligible applicants with a $25,000 grant to help build a new home or renovate an existing home, providing they meet certain criteria.

Toop&Toop Sales Partner Thomas Crawford said the scheme had been the decisive factor when negotiating the sale of a 526m2 block in the hugely popular inner-western suburb of Croydon.

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“The grant was the main reason we were able to sell the block so quickly,” Crawford said.

“The buyer was quite firm in terms of budget. She made an initial offer when we listed it in the ToopVault … but it was less than the vendors were willing to accept.

“As soon as the HomeBuilder scheme was announced, I reached out to the buyer again.

“We talked through things and she filled all the requirements to receive the grant.

“Because of that, she was happy to increase her offer by $25,000 and that was enough to clinch the deal.

“It couldn’t have worked out any better.

“The vendors were thrilled to be able to sell so quickly and the buyer is rapt that she’s been able to secure such a great piece of land in a prime location.”

The block, which sold in less than three weeks, was certainly a prized offering. Located on Henry Street in one of Croydon’s most tightly held pockets, it’s just moments from Queen Street cafes and Croydon train station.

“It’s very rare for a block of this quality to hit the market in Croydon,” Crawford said.

“The buyer is from Unley … and she was looking for that same kind of lifestyle without the Unley price tag.

“She identified Croydon as a suitable location and this piece of land ticked all the boxes.”

*To be eligible for the HomeBuilder grant:

  • Your annual income needs to be less than $125,000 for individual applicants, or less than $200,000 for a couple, based on your 2018-19 tax returns or later.

  • If you are renovating, you need to be spending more than $150,000.

  • If you are building a new home, it needs to be worth less than the national price cap of $750,000.

  • If you are renovating an existing property it needs to be valued at less than the national price cap of $1.5 million. The building works must improve the liveability, accessibility or safety of your home.

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