First home buyers the big winners as over 800 land packages hit the Palmerston market

Media release - 25th June 2015

Palmerston, the Northern Territory’s second largest city, is set for a massive expansion with the staged release of 833 land lots for sale.

The first 63 blocks from stages 3 and 4 of Zuccoli Aspire, a 1,709 dwelling subdivision in Zuccoli, a new suburb in Palmerston, have started selling, according to listing agent Glenn Grantham, General Manager of Raine & Horne Darwin, who is acting on behalf of Costojic, a partnership between developer Costa Property and local firm Ostojic.

“The best valued blocks of 302 sqm are selling from just $101,000 (conditions apply) which is arguably the most affordable land available for sale in any capital city in Australia,” said Mr Grantham.

“The average size of a block in the new estate is 428 sqm and will sell for around $160,000, which compares very favourably to Zuccoli Aspire’s nearest competition, where the most affordable blocks start from $183,000.”

The Northern Territory Government has simultaneously released stages 3 and 4 of Zuccoli Aspire to accelerate the release of land intended for first home buyers, who can take advantage of the Territory’s $26,000 first home owner grant for those buying or building a first home.

The excellent value available to first timers who buy into Zuccoli Aspire can be attributed to the fact that the Northern Territory Government is carefully overseeing the land release,” according to Mr Grantham.

“The NT government indicated the average size of the blocks and what they should sell for when they called for submissions,” said Mr Grantham.

“Zuccoli Aspire is a government supported scheme and therefore the officials wanted a developer who could take the land at Zuccoli Aspire to market at price points that would encourage first home buyers.

“Costojic has guaranteed that it can meet the government’s pricing regulations and is taking this unique opportunity to the market for the best possible price.

“It’s for this reason that we expect that Zuccoli Aspire will enable local first time buyers who have been priced out of a home to finally take their first dip in the Darwin real estate market pool.”

Zuccoli Aspire will also excite young families by providing direct access to a major shopping precinct planned for the new suburb, along with a number of quality primary and secondary schools, according to Mr Grantham.

“At just 15 minutes by car to the centre of Darwin, Zuccoli Aspire is the perfect launching pad for first timers into the Darwin real estate market.

“Moreover, if a first timer buys into Zuccoli Aspire, they will give themselves the best possible prospects of long-term growth as they’ll be buying in at the ground level at an unbeatable price.”

The contract to sell land packages in Zuccoli Aspire is also a significant transaction for Raine & Horne Darwin.

“This deal will add 40% to our annual revenues for the next couple of years,” said Mr Grantham.

“We can’t wait to help first time buyers secure land packages in this significant development and would like to thank Costa Property and the Northern Territory Government for this major business opportunity.”

This development is exclusively offered for sale by the Raine & Horne Darwin Development Marketing Team, who have appointed Adam McCann to manage all sales.

–ENDS–

For further media information contact:

Glenn Grantham, General Manager, Raine & Horne Darwin on 0418 803 222

Andrew Harrington, National Communications Manager, Raine & Horne on 02 9258 5400