The Territory Labor Government’s BuildBonus Scheme is driving a rebound in the residential construction market with 200 approved grants delivered to Territorians.
Introduced as an economic stimulus package for the construction sector, BuildBonus provides a much needed boost and leg-up for Territorians wanting to get into their own homes. This initiative is supporting 1000 local jobs and injecting more than $380 million into the NT economy.
The scheme provides a $20,000 grant for Territorians buying or building a new home in the NT to live in, with grants limited to the first 600 applicants.
BuildBonus is part of a suite of Territory Government housing incentives that are some of the most generous in the country, including:
- The Territory 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 home’s value). It is targeted at people purchasing or building their first new or established home in the Territory, not just limited to first homebuyers. Since February, 721 Territory Home Owner Discounts have been approved or are pending.
- The First Home Owner Grant, which provides a $10,000 grant to first home buyers buying or building a new home, and is accompanied by a $2,000 Household Goods Grant to purchase household furniture and electrical goods. 206 First Home Owner Grants have been paid since February.
Builders have benefited from these housing incentives with up to 385 jobs being supported by one new home build. This includes the suppliers and ancillary businesses such as landscapers and fencing companies.
Reports this month from The Property Observer show first home buyers are the most active in the Northern Territory, enhanced by the Governments housing measures making it attractive for people to call the Territory home.
This sentiment was reinforced in the September Housing Finance for Owner Occupation 2019 report, with the number of first home buyers in the Territory increasing by 24.2 per cent to 940 in the year to September 2019, the largest increase of all States and Territories in Australia.
Quotes attributed to Chief Minister Michael Gunner:
“The Territory Labor Government’s housing incentives create jobs. They generate work for businesses. They get more Territorians into their own homes quicker. They encourage people to move to the Territory.
“The latest figures show our initiatives are working. They show that the Territory Labor Government is working for Territorians – unlike the CLP who cut support for home owner programs.
“We have invested in the housing industry to get the Territory through this tough economic period and to build our population post the INPEX construction phase.”
Quotes attributed to Treasurer Nicole Manison:
“Our Government is doing everything it can to support business and create local jobs.
“We have listened to the construction sector and local business and we are providing incentives to encourage more people to build and buy NT homes.
“Our Home Owner scheme is the most generous in the country, which is a great incentive for people to move to the Territory. When someone owns a part of the Territory, they stay for longer.”