QUEENSLAND'S Building Boost, a $10,000 grant for home purchasers buying or building an eligible new home, has come to an end.
In an effort to stimulate increased activity in the construction sector, the Building Boost was introduced by the former Labor Government in August last year for six months and later extended for a further 3 months until the end of April.
The end of the scheme was welcomed by the new Liberal National Party Government, with Treasurer Tim Nicholls calling it a poorly targeted program that provided no real boost to the housing and construction sector.
Mr Nicholls said the scheme failed to make an impact on the state's housing sector, with roughly only half of the expected 14,000 grants taken up.
"The fact that only half of the $140 million originally allocated has been paid out, is a clear indication it was a poorly targeted and designed scheme from the start," Mr Nicholls said.
"This scheme was typical of Labor governments - throwing huge amounts of money at a problem for a short term political fix."
Mr Nicholls said the LNP Government had a clear plan to boost activity in the housing market by delivering on its election commitment to reintroduce transfer (stamp duty) concessions on the family home from 1 July 2012.
"Our commitment will provide real and significant cuts to cost of living pressures for home buyers and encourage activity within the housing sector," Mr Nicholls said.
He said legislation will be introduced in the first few weeks of the new Parliament to amend the current transfer duty legislation, which is expected to save families up to $7,000 on the price of a family home.
Mr Nicholls also said last week's decision by the Reserve Bank of Australia to cut the cash rate by 0.5 per cent will provide a boost to the housing market.