NT Budget does first home buyers a favour

Media release - 27th May, 2016

In a boost for first time property buyers, the 50% stamp duty discount announced in last week’s Northern Territory Budget has commenced, and the phones at Raine & Horne’s Palmerston office are already running hot with enquiries from entry-level buyers. 

“The discount will apply to established properties valued up to $450,000 and is capped at $10,000 for more expensive properties, and it will make housing more affordable for first-home buyers in Darwin and Palmerston,” said Glenn Grantham, General Manager of Raine & Horne Darwin.

The concession will apply until 30 June 2017 and will be reviewed to determine if it should be extended. The $26,000 first-home buyer grant for the purchase of new homes remains in place.

“This announcement will create the perfect storm for first home buyers who will enjoy the benefits of reduced stamp duty, at a time where we’ve had easing house prices in Darwin and historic low interest rates,” said Mr Grantham.

“This will get more first home buyers into the market, which is excellent policy-making in light of the low volumes we’ve experienced over the last two years.”

Mr Grantham said that since last week’s Budget, first home buyer enquiry levels had picked up significantly, with housing markets in Palmerston expected to be the major beneficiaries.

“The stamp duty breaks are going to help more first timers to jump off the rental treadmill and we expect housing markets under $450,000 in established Palmerston suburbs such as Bakewell, Driver, Rosebery, Farrar, Gray, and Durack to benefit,” he said.

Already there has been some interest 1/16 Firefly Court, Bakewell in the week since the Budget announcement.

“This is a 4-bedroom, 3-bathroom townhouse on a generous land component, which is on the market for $420,000,” said Mr Grantham.

“We also expect plenty of competition for 7 Bailey Circuit, Driver, a perfect 4-bedroom home with two bathrooms, which will sell for offers above $390,000.”

Another entry-level special is 2 Campden Court, Gray, according to Mr Grantham.

“At offers over $435,000, this four bedroom, two-bathroom property represents the best value in Palmerston and is one of Gray’s best kept secrets,” said Mr Grantham.

“Although it’s no secret that the owner wants to sell the property fast, which augurs well for a first time buyer who has their finances in place and is ready to pounce.”

For sales and property management services in Darwin and Palmerston, contact Raine & Horne Darwin on (08) 8941 8941.

-ENDS-

For further media information or to organise an interview with Glenn Grantham, contact:

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