The Federal government recently announced plans for a construction stimulus package to kickstart the economy, after the downturn from the Covid19 virus.

Property developers and builders have welcomed the short-term stimulus package as an opportunity for a cross-section of buyers to undertake renovations, extensions or new home builds of momentum for the market.

Recipients will be able to build a new home, buy an apartment off-the-plan for up to $750,000, or renovate, extend or update their existing homes with a building contract price between $150,000 to $750,000, and a property value of no more than $1.5 million.

To be eligible for the subsidy a single person must be earning less than $125,000 per annum and a couple $200,000.

With the March quarter national accounts indicating that Australia has entered the first recession in nearly three decades, the new economic stimulus is designed to create a new pipeline of work for the construction sector.

With the period 2021-22 earmarked as an anticipated economic weak point, the program would create up to 24,500 jobs both on-site and in the wider building services industry.

Be quick though as the scheme is scheduled to be wound up in December 2020.