NT Budget helping first home buyers

NT Budget helping first home buyers
NT Budget helping first home buyers

The 50 percent stamp duty discount announced in the Northern Territory Budget will drive more first home buyers into the local market in Darwin and Palmerston says Glenn Grantham, general manager of Raine and Horne Darwin.

The discount applies to built properties valued up to $450,000 and is capped at $10,000 for more expensive properties until 30 June 2017. 

The first home buyer grant of $26,000 remains.

Grantham said since last week’s Budget, first home buyer enquiry levels had picked up significantly, with housing markets in Palmerston expected to be the major beneficiaries.

“This announcement will create the perfect storm for first home buyers who will enjoy the benefits of reduced stamp duty, at a time where we’ve had easing house prices in Darwin and historic low interest rates,” he said.

“The stamp duty breaks are going to help more first timers to jump off the rental treadmill and we expect housing markets under $450,000 in established Palmerston suburbs such as Bakewell, Driver, Rosebery, Farrar, Grey, Malden and Durack to benefit.

“This will get more first home buyers into the market, which is excellent policy-making in light of the low volumes we’ve experienced over the last two years.”

First Home Buyers Darwin


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