The Queensland government has doubled the first home owners grant to $30,000 for new builds until mid-2025.
The new grant only applies to buying or building a new home valued under $750,000, and comes into effect on Monday.
Announcing the boost on Sunday morning, Premier Annastacia Palaszczuk described it as a “pre-Christmas bonus”.
The grant can also be used for a granny flat or modular home.
Queensland’s first homeowner grant will double in an attempt to help at least 12,000 people break into the housing market.
The grant will rise from $15,000 to $30,000 from November 20 until mid-2025.
The move is facing criticism for its potential to send house prices soaring in an already inflated market.
The Palaszczuk government says the $210 million increase will not be inflationary.
Ms Palaszczuk said access to more houses takes pressure off existing stock.
Property prices in the state are at an all-time high, while rental vacancies have dropped to a record low.
“You can also use it for money towards a new home, a unit a townhouse or even if your parents want to put a granny flat out the back, so it covers the whole range of spectrum,” Ms Palaszczuk said.
“This our big Christmas bonus for our first home owners and we understand that our families are hurting with big cost living pressures out there, and our government is making this small step to help people get into the market.”
Ethan Hughes, 22, said he hoped to make use of the grant.
“The housing market is consistently going up so the earlier I can get in the better,” Mr Hughes said.
“This is a more than welcome increase, it’s a very welcome handout.”
Housing Minister Meaghan Scanlon said coal royalties had bankrolled the grant boost.
“With signs that capacity constraints are now easing in the residential housing construction market, now is the time to act,” Ms Scanlon said.
“And the reason we can do this is because of the strength of our budget. It allows us to take advantage of those changing conditions and to make the most of that emerging capacity.”
