Housing Stimulus Program Launches in Australia May 8, 2009

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Consumers in Victoria, Australia will receive an increase in a bonus from the Australian government to buy new homes. The increase to the State’s First Home Owner Bonus will provide important stimulus to the first home builders’ market, says the Master Builders Association. The state bonus was extended by 12 months and increased from $5,000 to $11,000. In addition, regional first time home buyers will have more money to spend, the Association said, as the additional regional bonus will increase from $3,000 to $4,500.

Master Builders Executive Director Brian Welch said the bonus will stimulate residential construction at a time when many builders are uncertain about the future.

According to the Association, 41% of builders expect business activity to deteriorate over the next 12 months--a jump of 26% compared to the same time last year.

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