Federal government HomeBuilder scheme sparks surge in new home builds in the NT
THE federal government’s new $25,000 HomeBuilder incentive is having an impact on the Territory market with a jump in new housing starts during September.
Northern Territory
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THE federal government’s new $25,000 HomeBuilder incentive is having an impact on the Territory market with a jump in new housing starts during September.
There were 42 new home certificates for the month.
This was a 24 per cent increase on August’s healthy figure of 31.
The Fidelity Fund issued 57 new Fidelity Certificates for houses and extensions across the Territory in September. The unit market stayed stagnant with no certificates issued.
Compared to the same month last year there was a 63 per cent increase across the three areas with 22 more certificates issued.
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Each month, the Fidelity Fund updates builders registered with the fund on the overall level of activity in the residential sector.
The fund writes Fidelity Certificates to cover new homeowners in the event that their builder dies, disappears, becomes insolvent or loses their licence – for both non-completion and for defects.
Certificates are also usually issued just before a project starts so these statistics also provide a good indicator of residential building work that has started or is about to start.
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Master Builders NT chief executive David Malone said analysis of the results showed September continued the trend of recent months of stronger demand across the residential sector.
“Houses in particular jumped significantly, and it has been quite some time since certificates for houses landed in the 40s for the month,” Mr Malone said.
“The number of certificates issued in the first three months of the 20/21 financial year was 156, including 106 new homes, which is a much stronger start to the financial year.
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“Extensions/renovations have remained fairly constant through that period as well.
“The jump in new housing starts may well be indicating that the Australian government’s new HomeBuilder incentive of $25,000 is having an impact on the Territory market.”
Originally published as Federal government HomeBuilder scheme sparks surge in new home builds in the NT