Extended Grant For Home Buyers In South Australia

Those looking for real estate in South Australia may feel some encouragement from the government's decision to extend assistance for people building a new home.

The Housing Industry Association (HIA) has welcomed this decision from the South Australian government, which will provide $8,500 in addition to the First Home Owner Grant until December 31 of this year.

"The HIA has been calling for the extension of these grants for three months, and we are very happy with this outcome," said HIA regional executive director SA/NT Robert Harding.

"It's no secret that the residential housing industry is experiencing one of the worst downturns on record. The extension of the grants will provide much needed relief."

Mr Robert also commented that this extend assistance not only benefits the home buyer looking at houses for sale, but also the economy in general as it generates employment in the building industry.

Revenue from the construction industry has a flow on effect, from residential construction, to building design, associated trades as well as building materials and furnishings.

The state government will provide $38.7 million over two years in the state budget in order to extend the new grant, which is available to homebuyers purchasing or building a new home with a market value of up to $400,000.