HomeBuilder for Strata a Major Win for Apartment Owners and Residents
As has been reported upon in the Australian Financial Review, the Federal Government has announced its intent to expand the eligibility criteria for the successful HomeBuilder stimulus program to include apartment blocks, in a major victory for apartment owners and tenants ahead of this year’s Federal Budget.
Strata Community Association (SCA) have strongly advocated for an expansion of the eligibility criteria for HomeBuilder to include strata since the program was launched in June 2020 and included this policy in its most recent Federal Pre-Budget Submission.
Expanding HomeBuilder eligibility to the strata sector will incentivise Owners Corporations with long term maintenance plans to bring scheduled improvement and capital works forward quicker, while drawing upon previous experience with hiring building and construction contractors.
Strata titled properties such as apartments and townhouses comprise nearly 50 per cent of all new builds in Australia, and the announcement of this policy will allow a plurality of the property sector to play a part in underpinning a strong and productive building and construction sector as part of the economic recovery from the COVID-19 pandemic.