Northern Territory remained one of the safest places in the country for property investment amid the COVID-19 outbreak, according to the latest market report by Herron Todd White (HTW). Which areas in the territory are the most in-demand among prospective buyers?
The demand in the four most popular hotspots in the territory is driven by price points, with three sitting in Darwin and one in Alice Springs, according to HTW.
Zuccolli, which is located east of Palmerston, is one of the go-to destinations for buyers. House and land packages in this location have price tags ranging from $400,000 to $600,000.
Northcrest in central Darwin and Muirhead are also popular among buyers. The price point in these two regions ranges from $600,000 to $850,000.
In Alice Springs, Kilgariff is the main destination for buyers. Located on the southern side of the city between the airport and town, Kilgariff has a price range of $500,000 to $700,000.
Will Johnson, director for Northern Territory at HTW, said the territory government offers some of the most lucrative support packages for would-be buyers.
"Currently on offer is a $20,000 build bonus scheme if buying or building a new home. This was first offered in February 2019 because, at that point, the market was fairly weak and the uptake for new homes was slow," he said.
This complements the federal government's HomeBuilder scheme and the territory's first-home owner grant. The Northern Territory also offers the Territory Home Owner Discount, which reduces the stamp duty for the purchase of the property.
"The positive activity in the existing market and government incentives on house and land packages will drive our market right up to Christmas," Johnson said.
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