Western Australian building approvals have surged a massive 96 per cent over the last year off the back of government incentives, such as the McGowan Government’s Building Bonus grant.
New data from the Australian Bureau of Statistics (ABS) shows WA comfortably recorded the highest increase in building approvals of all States over the last year, increasing by 96 per cent.
The State to record the second highest growth was New South Wales at just 39.6 per cent.
The surge in building approvals follows the introduction of the McGowan Government’s $20,000 Building Bonus and the Commonwealth Government’s HomeBuilder grant in June this year.
As at November 30, 2020, RevenueWA had received 4,369 Building Bonus and 3,301 HomeBuilder applications and paid out almost $20 million in grants.
The Homebuilder program, which is administered by RevenueWA, will be extended to March 31, 2021.
The amount of the grant is $25,000 for contracts signed between June 4 and December 31, 2020, and $15,000 for contracts signed between January 1 and March 31, 2021.
The RevenueWA online application process allows HomeBuilder applicants to lodge their application with a copy of the signed building contract prior to the application close date of April 14, 2021, then upload other supporting evidence when it is available after this date.
For the McGowan Government’s $20,000 Building Bonus grant, contracts must be signed between June 4 and December 31, 2020, but applications can be lodged up to December 31, 2021.
The requirement to commence construction of a new detached home has been extended to 12 months from the date of the contract for the Building Bonus grant. There have been no changes to the timeframes for contract dates, single-tier developments and owner-builders.
Applicants can speed up the timing of grant payment by making sure they submit all evidence required with their application.
Currently, about 90 per cent of applications are unnecessarily delayed because correct documentation is not provided to prove HomeBuilder requirements have been met.
For more information and eligibility criteria, visit: https://www.wa.gov.au/government/announcements/building-bonus-grants
As stated by Treasurer and Finance Minister Ben Wyatt:
“Today’s ABS data demonstrates the McGowan Government’s WA Recovery Plan and calibrated economic response to COVID-19 is hitting the mark.
“It also highlights WA’s economic response continues to dominate the other States, with Western Australia recording the largest increase of building approvals in the country.
“With adjustments made to the Building Bonus and HomeBuilder grants I anticipate there will be continued demand in the residential construction sector, creating an ongoing pipeline of work.
“Not only has the building stimulus programs been highly successful in supporting WA jobs, they have provided the incentive for thousands of Western Australians to realise their dream of home ownership.”