Australian property will benefit from the news that the Queensland government intends to extend its Building Boost scheme by three months in order to encourage investment in housing, according to the Real Estate Institute of Queensland (REIQ).
It argued that the Queensland property market, hit by natural disasters and other problems in 2011, is in a period of transition and needs as much help as possible.
Last year's difficult period is changing into a market characterised by high levels of buyer enquiry, increased sales activity and soaring confidence levels, according to the industry body.
Extending the boost could help hundreds of buyers into a new home before April 30th, REIQ chief executive Anton Kardash said.
However, "the removal of the principal place of residence concession on stamp duty last year continues to act as a deterrent to many buyers of both established and new homes", Mr Kardash claimed.
Liberal National Party shadow treasurer Tim Nicholls recently criticised the Building Boost scheme, arguing it has not been efficient in its stated aim of stimulating the property market.
