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{{propApi.successMessage}} {{region}} Change locationHousing key to rebuilding the Territory Economy
Housing key to rebuilding the Territory Economy
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“The 10-point plan has a primary focus on housing as a key plank to stimulating the Territory economy and create a stable and flourishing industry as well as getting more Territorians into appropriate housing.
“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.
“Today’s launch follows recent announcements from NT Labor to boost the NT First Home Buyer grant to $60,000 and 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. HIA has been advocating extensively for these types of measures and stimulus to support more home building and first home buyers and those that may have fallen out of homeownership.
“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.
“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.
“In the lead up to the NT election this year HIA will be meeting with all parties and highlighting the key opportunities that exists in substantially boosting the delivery of new housing in the Territory.
“This should be supported by a wide-spread renovation and upgrade program for NT’s aging housing and commercial building stock, doubling down on public housing builds and maintaining and growing a skilled workforce for the Territory.
“HIA is calling on the next NT Government to be bold and pull out all stops to get the Territory economy moving in a positive direction and return the NT as a destination of choice,” concluded Mr Espinoza.
HIA’s Northern Territory 2024 Election Priorities can be accessed here
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