The Territory Labor Governments BuildBonus Scheme is driving a rebound in the residential construction market.
Master Builders NT attributes the reneweddemand to BuildBonus.
RecentFidelity Fund figures show very strong growth in the number of residentialbuilding approvals in the Territory for April and May.
There were 48 new home building contractssigned in May more than double or 31 new homes since the effects of BuildBonusbegan in March.
There were equally strong figures forApril, with 50 contracts signed that month.
BuildBonus was introduced as an economicstimulus package for the building sector while providing a leg-up forTerritorians to get into their own homes.
The scheme provides a $20,000 grant for Territorians buying or building anew home in the NT to live in.
The grant is limited to the first 600applications with 75 grants approved or pending.
BuildBonus is expected to support 1000 jobsand inject more than $380m into the NT economy.
The scheme is part of a suite of TerritoryGovernment housing incentives that are some of the most generous in thecountry:
TheTerritory Home Owner Discount, which provides a stamp duty concession of up to$18,601 (the equivalent of no stamp duty on the first $430,000 of a homesvalue). It is targeted at people purchasing or building their first new orestablished home in the Territory, not just limited to first homebuyers. SinceFebruary, 124 Territory Home Owner Discounts have been approved or are pending.
TheFirst Home Owner Grant, which provides a $10,000 grant to first home buyersbuying or building a new home, and is accompanied by a $2,000 Household GoodsGrant to purchase household furniture and electrical goods. 203 First HomeOwner Grants have so far been paid this financial year.
Builders benefitfrom the Territory Governments housing incentives with up to 78subcontractors, suppliers and ancillary businesses such as landscapers andfencing companies supported by just one new home build.
One home buildalso supports up to 385 jobs.
As noted by the Chief Minister, Michael Gunner:
Our housing incentives create jobs. Theygenerate work for businesses. They get more Territorians into their own homesquicker. They encourage people to move to the Territory.
The latest figures show our initiativesare working. They show that the Territory Labor Government is working forTerritorians unlike the CLP who cut support for home owner programs.
The economic injection of 48 new builds isabout $27 million, which flows on to subbies, suppliers and the wider community.
The benefits of government schemes likeBuild Bonus are being felt everywhere and there is no better time to buy orbuild a new home in the NT.
As noted by MasterBuilders NT Executive Director, DaveMalone:
BuildBonus was a smart investment by theTerritory Government. For a relativelysmall incentive payment, it has given the residential sector a major shot inthe arm – and the benefits of that will flow right across our economy.
Already, those 98 homes contracted inApril and May can be expected to inject around $54m into the economy. And weexpect more of the same in the months to come.
As noted byKillarney Homes Director of Client Services, Andrea Moriarty:
“Inthe Northern Territory we have the best schemes in the country to get peopleinto their own homes.
“Theseincentives have helped stimulate the building industry and kept many smalllocal businesses going over this challenging time.
“Thehomes that Territory builders are building are top notch. There is titled land available. It is a great time to build.”