Determined first time buyers back after absorbing May’s subsidy changes

OCTOBER 22, 2019

After a four-month hiatus to absorb the changes to the Northern Territory’s First Home Owners Grant (FHOG) in May, first-time buyers are back in Darwin’ s entry-level markets according to Glenn Grantham, General Manager, Raine & Horne. 


“Before 7 May 2019, the FHOG was $26,000 for new homes. However, since 7 May the FHOG was cut to $10,000 for those building a new home in the Northern Territory,” Mr Grantham said. 


“As the banks accept the FHOG as part of a deposit for a property transaction, it meant that many aspiring buyers were down $16,000 overnight on 6 May. It seems many spent the next four months saving hard to make up the difference.”


First Homebuyers buying a new home of land are also eligible for the Territory Homeowner Discount, which enables them to reduce the stamp duty impost on the transaction by up to $18,601.


“Because of the changes to the FHOG in early May activity in new home markets virtually dried up after everyone eligible for the old grant were able to qualify for the $26,000, and the rest were left to suck it up and redouble their savings efforts,” said Mr Grantham.


“Now that those determined first home buyers have racked up the extra savings, activity in new home markets such Zuccoli in Palmerston have started pulsing again over the last 4 - 6 weeks.


“It’s an awe-inspiring savings effort, and many have recognised the $10,000 grant along with the stamp duty breaks are still very competitive when compared to similar schemes around Australia.”


Blocks of land at Zuccoli Aspire, which are being project marketed by Raine & Horne Darwin, range from $145,000 - $210,000. 


Zuccoli Aspire is one of the most exciting new land developments for the Northern Territory, with expansion planned over the next five years. Being developed with absolute attention to detail, Zuccoli Aspire embraces modern living in a picturesque natural setting, perfect for those seeking a comfortable care lifestyle.


“Whether you have a growing family or are looking to downsize, this unprecedented land development has been designed to appeal to a range of buyers and lifestyle needs,” said Mr Grantham.


“Zuccoli Aspire will offer residents a family-friendly, natural environment complemented by scenic leafy streets, large parks and green open spaces.”


With easy access to the Stuart Highway and just 25 minutes from Darwin, this master-planned estate has been designed to coexist with its lush natural surroundings and has a strong emphasis on capturing a dynamic community atmosphere.


Mr Grantham added, “The diverse and carefully considered rural-style residential blocks are positioned between beautifully landscaped open spaces and Mitchell Creek and connect to the encompassing natural bushland by a series of paths, walkways and cycling trails.”


 Zuccoli Aspire is just minutes from Palmerston CBD and within walking distance from proposed schools, a shopping precinct, childcare centres and specialty stores. 


If you’d like to find out more about the First Home Owners Grant and land opportunities at Zuccoli, contact Raine & Horne Darwin on 08 8941 8941.