‘It’s an awe-inspiring savings effort’: R & H general manager

A property professional has said signs of recovery in Darwin’s residential building market are starting to appear.

Raine & Horne general manager Glenn Grantham said there were gradual signs of recovery in the residential building market. Picture: Keri Megelus

PROPERTY professionals are rejoicing at gradual signs of recovery in the residential building market.

Raine & Horne general manager Glenn Grantham said first home buyers were returning to the market after changes to the First Home Owner’s Grant (FHOG) in May.

The grant offered $26,000 to first homeowners to buy or build, before being cut back to $10,000.

SIGN of recovery for units

Mr Grantham said the new activity was evident in the increase in inquiries for blocks at Zuccoli Aspire.

“The month before we had around eight (inquiries) the whole weekend,” he said.

“Last Saturday and Sunday we had 32 visits to the site office.

“People are putting blocks on hold pending approval, whereas they weren’t six months ago.”

Mr Grantham explained first home buyers were forced to redouble their saving efforts after the subsidy change. Prior to the cutback, the $26,000 was used as a deposit.

He praised the determination of Territorians saving to build their dream home.

“It’s an awe-inspiring savings effort,” he said.

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“And many have recognised the $10,000 grant along with the stamp duty breaks are still very competitive when compared to similar schemes around Australia.”

Residential dwelling approvals have declined in recent months.

Australian Bureau of Statistics data showed 23 new house approvals were made in the Top End in August, while there were 33 house approvals in June.

In each month 14 approvals were for properties in Palmerston.

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Chief Minister Michael Gunner said the NT Government’s incentives were working to support homeowners and businesses.

“Our Home Owner scheme is the most generous in the country, which is a great incentive for people to move to the Territory,” he said.

“When someone owns a part of the Territory, they stay for longer.

“We are going through a tough economic period and our Government is doing everything it can to support business and create local jobs.”