$10,000 grant from NT government a boost for property market: Raine & Horne
24 May, 2011
$10,000 grant from NT government is a boost for property market: Raine & Horne
The Northern Territory government’s recent announcement of a $10,000 grant for homebuyers is set to boost prospects for the Top End real estate market, according to Raine & Horne.
Raine & Horne Darwin general manager Glenn Grantham said the ‘Build Bonus’, available to anyone who builds or purchases a new home up to the value of $530,000, will assist Darwin and Palmerston homebuyers, while also encouraging investors.
“The great thing about the Build Bonus is that it is not means tested, and is not just for first home buyers, Mr Grantham said.
"It is for anyone who wants to buy a brand new home, an off the plan development, or build their own home."
The grant comes in the form of a cash-back payment for new home contracts signed between 3 May and 31 December 2011, with construction commencing from 3 May 2011.
The Build Bonus was announced by the Territory government in its 2011 Budget and is expected to stimulate the housing and construction industry, according to NT Business and Employment Minister Rob Knight.
Mr Grantham said the Build Bonus would also give confidence to developers.
“The impetus delivered by this grant should see property developers start to release projects that have been on hold, and this bodes well for the long-term growth of Darwin and Palmerston real estate," Mr Grantham said.
Already, land in new Palmerston suburbs is due to go on sale towards the end of 2011, while the NT Government has started planning for a series of villages in Litchfield, where more than 7800 homes could be built.
Apart from the Build Bonus, Northern Territory home buyers will also benefit from existing stamp duty concessions, which include an exemption on the first $540,000 of the value of a home – a saving of up to $26,730.
In addition, the NT Budget has introduced several new investments in the growing NT economy, including payroll tax cuts, infrastructure spending and business growth initiatives.
Mr Grantham predicts these initiatives will drive long term economic growth.
“To give you an example, in Darwin alone the mining and gas industries reportedly make up 20.5% of the economy, and the Government says this particular sector has a projected growth of 11.8% over the next 12 months,” he said.
For all your property needs contact Raine & Horne Darwin on (08) 8941 8941.
Raine & Horne is an iconic Australian property firm, with more than 360 offices worldwide. Also an established Superbrand along with the likes of Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.
For further media information contact:
Glenn Grantham, General Manager Raine & Horne Darwin, 08 8941 8941 or 0418 803 222
Anna Truman, National Marketing & Communications Co-ordinator, 02 9258 5448