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Regional update

February 27, 2019

Industry met with the Chief Minister three weeks ago to voice its concerns on the state of the residential building industry.We outlined the consequences of allowing this important sector to stagnate. The negative effect on the economy, reduction in population and lack of confidence in the housing market were just some of the markers of a sector experiencing difficulties.

Through a consultative approach, the Chief Minister gathered suggestions from industry and translated those suggestions into positive policy changes.This has already seen industry experiencing a much needed upturn in the residential building sector which will not only benefit HIA members, but will also benefit new home buyers. With the announcement of the generous home assistance schemes, the Territory has become one of the most attractives places for a new home buyer to enter the market.

As an example of the positive changes which the Government will implement, first timers entering the housing market and wanting to buy or build a brand new, never before lived in home, may be eligible for up to $50,000 in assistance.

Benefits are not only available to first home buyers building a new home though. Current home owners who wish to build a new home and move into it may be eligible for a $20,000 BuildBonus.

The Territory Government is also encouraging interstate migration by offering benefits of up to $38,000 for anyone who has not owned a home in the NT for the previous 24 months and are wanting to build or buy a brand new, never before lived in home.

Through these new benefits, we expect to see a large increase in residential building activity in all of the major centres of the Territory. This will help to grow the Territory’s population, stem the flow of the skilled trades to southern states and increase training activity.The benefits to the Territory economy will be very positive.

For further information see the nt.gov.au website.