CLP unveils new $50k home construction plan

A new housing construction scheme set to be announced on Wednesday has been described as a game-changer. Read what it is.

The CLP will use Wednesday’s budget speech in reply to unveil a centrepiece election policy - Australia’s largest home-ownership assistance package.

Under the CLP’s plan, would-be homeowners building their first home in the Northern Territory will be eligible for a $50,000 first home-builders grant.

The grants will be available to potential buyers from anywhere in Australia or internationally, in what is a concerted policy effort to encourage cross-border migration to the NT.

Opposition Leader Lia Finocchiaro will announce details of the ambitious new package on Wednesday during her speech in reply to NT Treasurer Eva Lawler’s election budget.

She will tell the parliament the commitment will be an Australian-first home ownership package designed to lure people from around Australia, and the world, to set up home in the Northern Territory.

NT Opposition Leader Lia Finocchiaro. Picture: Pema Tamang Pakhrin

She will say the focus of the commitment is to boost the Territory’s dwindling population and housing construction, which is at historically low levels.

She is expected to say the new package will contain “irresistible incentives” for people wanting to enter the housing market, but who are unable to do so due to the cost of living.

Ms Finocchiaro is also expected to unveil a package to include incentives for everyday Australians, whether they are a first home buyer or not, designed to attract more families and skilled workers to the NT.

Ms Finochiaro said the package would be a “game changer” because in addition to supporting Territorians into home-ownership, it will also build a skilled workforce and deliver confidence to investors and grow the population.

“More of the same is not going to rebuild the Territory, and that is why the CLP’s Plan of Action to grow our economy is about changing the game.” Ms Finocchiaro said.

“The CLP is focused on making the Territory the most competitive place to live, work and invest.”

Master Builders NT’s Ben Carter

The Territory’s residential building approvals are at historically low levels with just 22 ticked-off in March, down 8.3 per cent on the previous month.

Year-on-year building approvals in the NT are down 34.7 per and down 46.3 per cent on an annualised basis.

In 2023, there were around 348 homes built in the entire NT - 280 of which were private, down 20.1 per cent on the previous calendar year.

Master Builders NT chief executive Ben Carter said the CLP’s plan addressed issues around private housing construction.

“There were positives for the construction pipeline from the Lawler Government’s Budget 2024,” Mr Carter said.

“They deserve credit for their strong stance on Defence investment and their commitment to recruiting new police among other measures.

“But the budget contained no response to the private housing crisis, despite Master Builders’ forecast that this year will be the worst for new home building since records began.
“We have home builders whose workers and subcontractors are without work for the first time in a decade. We have previously called for new incentives to boost confidence in the Territory as a place to invest and that’s why we will endorse policies such as these if put forward by the major political parties.”