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$vuetify.icons.faPhone1300 650 620

First homeowner boost key to rebuilding the Territory (NT)

Media release

First homeowner boost key to rebuilding the Territory (NT)

Media release
“Today’s announcement from the NT Labor party of a pre-election commitment to boost the NT First Home Buyer grant to $60,000 will spur economic growth and kickstart home building in the Territory,” stated HIA Executive Director Northern Territory, Luis Espinoza.

“This follows a similar commitment from the Country Liberal Party (CLP) of a HomeGrown Territory Grant for first home builders to receive a $50,000 grant and those looking for a fresh start able to access a $30,000 grant.

“These home building incentives are welcome measures, that will bring more people into home ownership as well as increase the Territory’s housing supply.

“HIA is pleased to see both parties placing housing as a key focus ahead of next month’s election and announcing additional support for first home buyers, for which HIA has been advocating for extensively, and will continue to do so in the lead up to the election.

“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 economic growth and vice-versa. Kickstarting the Northern Territory’s economy will require attracting more people and supplying adequate housing.

“HIA launched our 2024 election priorities document this week, that has a primary focus on housing as a key plank to rebuilding the Territory which would in turn help create a stable and flourishing industry.

“By supercharging the building industry, it would bring with it key economic opportunities for the Territory including the creation of new and exciting jobs. 

“In turn it would support greater retail activity, substantially stimulate the economy and ultimately house the future Territorians.

“In the lead up to the NT election this year HIA will be calling on an incoming Government to have a key agenda that substantially boosts the delivery of new housing, provide a wide spread renovation and upgrade program, doubling down on public housing builds and maintaining and growing a skilled workforce for the Territory,” concluded Mr Espinoza.

HIA’s Northern Territory 2024 Election Priorities can be accessed here.

For more information please contact:

Luis Espinoza

Executive Director – Northern Territory

Simon Croft

Chief Executive - Industry & Policy
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