The Northern Territory government has announced that it will give builders and purchasers of new homes $10,000.
The move, announced in the Territory's 2011 Budget, aims to stimulate the housing and construction industries. The 'Builder's Bonus' grant is available for anyone who builds or purchases a new home up to the value of $530,000, and comes in the form of a cashback payment for new home contracts signed between 3 May and 31 December 2011, with construction commencing from 3 May 2011.
Glenn Grantham, General Manager of Raine & Horne Darwin, says the grant will assist Darwin and Palmerston homebuyers while also encouraging investors.
"The great thing about the Build Bonus is that it is not means tested, and is not just for first home buyers, but is for anyone who wants to buy a brand new home, an off the plan development, or build their own home,” said Grantham.
"The impetus delivered by this grant should see property developers start to release projects that have been on hold, and this bodes well for the long-term growth of Darwin and Palmerston real estate," he added.
The next major land sale in the Darwin region is sent to occur towards the end of 2011, in new Palmerston suburbs. The NT Government has commenced planning for a series of villages in Litchfield, where over 7,800 homes could be built.
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