Revealed: the suburbs set to benefit the most from the government's $25,000 handouts for home building and renovation - and how even the rich can cash in
- Home owners who live in their own house, unit eligible for $25,000 handout
- It's available to build new home worth up to $750,000 until December 31, 2020
- The federal subsidy is also available to renovate a home worth up to $1.5million
- That could see federal grants go out to even those living in rich Sydney suburbs
Australians living in upmarket suburbs can claim $25,000 subsidies from taxpayers to renovate their house.
Under the government's new HomeBuilder scheme, home owners with a property worth up to $1.5million are entitled to a grant - provided they spend $150,000 to $750,000 doing up their house or apartment.
That means someone living at Forestville, on Sydney's Northern Beaches, is most likely to be eligible, in a suburb where the median house price is $1.4million, going by CoreLogic data.
This area, overlooking Middle Harbour and the Roseville Bridge, is also home to former Liberal prime minister Tony Abbott.
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Under the government's new HomeBuilder scheme, home owners with a property worth up to $1.5million are entitled to a $25,000 grant - provided they spend $150,000 to $750,000 doing up their house or apartment. Pictured is a house at Forestville on Sydney's Northern Beaches where the median price is $1.4million
The other part of the $680million HomeBuilder scheme is giving out $25,000 grants to those who build a new home, worth up to $750,000 as a house and land package.
Sydney's median price stands at $1million, which means the newly-built house would have to be at least 25km west of the city to qualify, in a suburb like Toongabbie where the median house price is $730,000.
Daniel Walsh, the director of the Your Property Your Wealth buyers' agent, said suburbs in the city's outer south-west were more likely to see an ignition in building activity.
'With the maximum price point for the HomeBuilder program set at $750,000, I believe it will be the more affordable areas that will benefit the most,' he told Daily Mail Australia.
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'My picks in Sydney would be the west and south west.
'In some cities, like Sydney and Melbourne, that won't buy you much real estate anywhere close to the city, but in others, like Brisbane, it will.
'However, in outer ring and regional areas, where property prices are more affordable, the numbers change and with it so do the opportunities.'
In Melbourne, where the median house price was $809,274 in May, HomeBuilder recipients could qualify building a new home closer to the city compared with Sydney.
The other part of the $680million HomeBuilder scheme is giving out $25,000 grants to those who build a new home, worth up to $750,000 as a house and land package. That means someone could build a new home at Scoreby (house pictured) 20km east of downtown Melbourne where the mid-point is $746,926
'Melbourne's western and south-eastern suburbs are set to strengthen from this new activity and demand,' Mr Walsh said.
That means someone could build a new home in Laverton North, 15km west of the city where the median house price is $733,428 or Scoreby 20km east of downtown Melbourne where the mid-point is $746,926.
Those building a new home in Brisbane have more choice, in a city where the median house price was $559,975 in May.
Major regional centres are also expected to benefit, including Newcastle north of Sydney where the median price of a house at Hamilton near the city is $677,583.
The HomeBuilder scheme is the government's fourth stimulus program to tackle the coronavirus-induced economic downturn.
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