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The Country Liberal Party (CLP) announced its HomeGrown Territory Program as part of its reply to the Labor Government Budget delivered this week. This forms part of the Opposition’s election promise to kickstart home building in the Territory.
“There are incentives put forward as part of the proposed program for new home building for both first-home buyers and non-first home buyers alike,” added Mr Espinoza.
“The HomeGrown Territory Grant is aimed at first home builders who will receive a $50,000 grant with no cap on build price. Non-first home buyers looking to build will also receive a grant of $30,000 under the FreshStart NewHome program.
“These home building incentives are welcome measures that will bring more people into home ownership as well as increase the Territory’s housing supply.
“First home buyers of existing dwellings will also receive a $10,000 grant with no cap on purchase price.
“The high cost of housing driven by a supply-demand imbalance reduces the opportunity for many households, particularly those buying their first home, to transition to home ownership.
“These much needed incentives will be crucial to both individual households as well as growing the Northern Territory’s population and economy.
“Housing is intrinsically tied to population and economic growth and vice-versa. Kickstarting the Northern Territory’s economy will require attracting more people and supplying adequate housing.
“In the lead up to the NT election this year HIA will be calling on an incoming Government to have a key agenda that supports the delivery of new housing and renovations and maintaining and growing a skilled workforce for the Territory,” concluded Mr Espinoza.
“The NSW Government has taken an important step toward improving housing supply. Other states should now follow its lead and remove foreign investor taxes that discourage the construction of new homes,” said HIA Chief Economist Tim Reardon.
Housing Industry Association (HIA) Industry Outlook Breakfast in Newcastle and Gosford have highlighted the critical role of infrastructure, planning reform and industry support in addressing housing supply challenges across the Hunter and Central Coast regions.
The Housing Industry Association (HIA) is calling on all political parties contesting the November State election to make regional housing a priority, placing regional communities and their growing populations front and centre of their pre-election policy commitments.
“HIA welcomes the initiatives to support new housing announced by the Treasurer as part of today’s NSW State Budget,” said Brad Armitage HIA NSW Executive Director.