BuildBonus Drives Strong Residential Sales
The Territory Labor Government’s BuildBonus Scheme is driving a rebound in the residential construction market.
Master Builders NT attributes the renewed demand to BuildBonus.
Recent Fidelity Fund figures show very strong growth in the number of residential building approvals in the Territory for April and May.
There were 48 new home building contracts signed in May – more than double or 31 new homes since the effects of BuildBonus began in March.
There were equally strong figures for April, with 50 contracts signed that month.
BuildBonus was introduced as an economic stimulus package for the building sector while providing a leg-up for Territorians to get into their own homes.
The scheme provides a $20,000 grant for Territorians buying or building a new home in the NT to live in.
The grant is limited to the first 600 applications with 75 grants approved or pending.
BuildBonus is expected to support 1000 jobs and inject more than $380m into the NT economy.
The scheme is part of a suite of Territory Government housing incentives that are some of the most generous in the country:
The Territory Home Owner Discount, which provides a stamp duty concession of up to $18,601 (the equivalent of no stamp duty on the first $430,000 of a home’s value). It is targeted at people purchasing or building their first new or established home in the Territory, not just limited to first homebuyers. Since February, 124 Territory Home Owner Discounts have been approved or are pending.
The First Home Owner Grant, which provides a $10,000 grant to first home buyers buying or building a new home, and is accompanied by a $2,000 Household Goods Grant to purchase household furniture and electrical goods. 203 First Home Owner Grants have so far been paid this financial year.
Builders benefit from the Territory Government’s housing incentives with up to 78 subcontractors, suppliers and ancillary businesses such as landscapers and fencing companies supported by just one new home build.
One home build also supports up to 385 jobs.
Image: Brendan Esposito/AAP