First-home Buyer's Grant Costs Queensland Government $639 Million in Six Years

New figures have revealed that more than $639 million has been handed out to first-home buyers in Queensland since 2012.

The Queensland government detailed its spending on First Home Owners’ Grants in a recent question on notice, which showed that 37,581 first-home buyers have taken advantage of the incentive over the past six years, costing the government $639.1 million during that time.

Brisbane, Moreton Bay and the Gold Coast were seen to have the largest take-up from first-home buyers. Closely followed by Ipswich, the Sunshine Coast and Logan-Beaudesert.

The largest number of grants given out in Brisbane was in the southern region, where 2774 payments totalling $46.3 million were made. In the inner city, home to many of Brisbane’s new apartments, 2131 grants were given out, at a value of $35.2 million.

This large interest from first-home buyers in Brisbane has been the result of large supply in the inner-city area – particularly as Queensland has seen an increase in affordability.

The grant has been helpful in helping first-home buyers get their place on the property market as they have been able to combine the grant money with their deposits – reducing the time it’ll take to save their overall deposit and creating confidence to look sooner.