Raine & Horne Darwin’s general manager, Glenn Grantham, has praised the NT Government’s Budget announcement of the $10,000 Build Bonus grant, saying it will provide a much-needed boost to the Top End real estate market.
Under the scheme, home buyers will receive a one-off payment of $10,000 for the purchase or construction of property up to the value of $530,000.
“The great thing about the Build Bonus is that it is not means tested, and is not just for first home buyers, but is for anyone who wants to buy a brand new home, an off the plan development, or build their own home,” he said.
“The impetus delivered by this grant should see property developers start to release projects that have been on hold, and this bodes well for the long-term growth of Darwin and Palmerston real estate,” he said.
The grant comes in the form of a cash-back payment for new home contracts signed between 3 May and 31 December 2011, with construction commencing from 3 May 2011.
Mr Grantham also expects to see an uptick in investor activity and a surge in confidence for developers, as all parties look to cash in on the initiative.