Thirty applications in 10 days for HomeGrown Territory housing scheme

HomeGrown Territory has burst out of the blocks with an enthusiastic response from would be buyers. See who’s applying.

Shane Dignan.

Little more than a week since applications opened, the HomeGrown Territory housing construction scheme has already delivered significant opportunities to would-be homeowners according to a leading property developer.

DCOH chief executive Shane Dignan said 10 days since the scheme launched, there had been a decisive surge in interest from local and interstate investors looking to build a new home in the Territory.

DCOH’s Northcrest development is one of a number of current and future Territory residential housing projects on the books including Zuccoli, Holtze, Mitchell Green, Lee Point and Kilgariff.

Northcrest is a master planned development sitting between Darwin, Palmerston and Casuarina. Picture: Supplied

Chief Minister Lia Finocchiaro flagged HomeGrown Territory in March with $50,000 grants for first homebuyers to purchase or build a new home, or $10,000 to purchase an established home.

The program also includes a $30,000 FreshStart New Home Grant for non first-home buyers to purchase or build a new home.

Mr Dignan said interest in Northcrest surged since the policy was first announced in March, but interest compounded when applications officially opened last week.

Twenty-six first-home buyers expressed interest in signing Northcrest contracts with one-in-five inquiries from interstate.

He said interest was strong locally from first-home buyers aged between 30 and 40 with young families.

Mr Dignan said the scheme was a “game changer” for those seeking home ownership, estimating the $50,000 tax free grant would be equivalent to having to earn between $75,000 and $95,000 pre-tax income to secure the loan.

DCOH chief executive outside the Akoya flats in Fannie Bay.

“The amount of cash available will enable a significant proportion of households who may never have been able to afford to get onto the property market, to realise their dream of owning their own home,” Mr Dignan said.

“The interest from local Territorians has been very strong with approximately 15-20 per cent

of inquiries coming from outside of the Territory. Northcrest is a CLP master-planned community built first and foremost for Territorians, by Territorians and we encourage

locals to secure their land.”

Mr Dignan said to get maximum benefit from the measure, the NT Government could consider extending the scheme beyond the $20m allocated so far.

Chief Minister Lia Finocchiaro, Picture: Pema Tamang Pakhrin

“The greater the value and the longer the period of availability of these sorts of government assistance packages, the greater likelihood of the Territory achieving its economic and population growth targets and ensuring a vibrant and sustainable future where liveability is paramount.

“We see Northcrest and potential future community developments as safe, secure and vibrant hubs for Territorians to call home. The Top End does not and should not need to become another FIFO town.”

NT Government figures show there have been 30 grant applications so far, with nine completed contracts of which eight were for Fresh Start grants and the other was to purchase an established home.

Ms Finocchiaro said the scheme showed “exciting movement” in the Territory’s residential construction sector.

“In just nine days we have received 30 grant applications which shows exciting movement in the housing market,” she said. “This will result in millions of dollars in construction and see more Territorians putting down roots and staying here long term.”

Originally published as Thirty applications in 10 days for HomeGrown Territory housing scheme