First-home owner grants drop away

More than 100,000 Queenslanders have received the first home owners' grant since it was introduced but the latest figures show that numbers are decreasing as house prices rise. Since late 2001, when first-homebuyers made up 25 per cent of the new home market, the percentage has declined to 15 per cent, its traditional level.

The Real Estate Institute of Queensland says that soaring house prices are partly responsible for the drop in grants with buyers priced out of certain markets. Office of State Revenue figures show that Queenslanders have been granted about $824 million since July 1, 2000. However, only 6,681 people received a grant in the June quarter, well down on the 12,577 peak of late 2001.