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More Darwin homes will be made eligible for the government’s 5 per cent deposit scheme following a change made to property price caps.
Following increasing pressure, the federal government will lift the property price cap for the scheme in Darwin from $600,000 to $750,000, on 1 July, giving first home buyers more access.
The move will bring the territory in line with other states that have a metropolitan and regional price cap to reflect the different housing markets.
Only properties in Darwin will be eligible under the new limit, while the rest of the Northern Territory will remain under the current $600,000 cap.
The updated price cap will also be more in line with Darwin’s median house price, which currently sits at $715,084, according to Cotality.
Housing minister Clare O’Neil said the change will allow hundreds more Australians to get into home ownership years sooner, while saving tens of thousands of dollars on lenders mortgage insurance.
“We’re backing in support for first home buyers by tackling our housing challenge at the source – by building more homes for Territorians,” she said.
“We’re building more homes, getting renters a better deal, and getting many more Australians into home ownership.”
The news followed Northern Territory treasurer Bill Yan calling for the cap to be lifted to $850,000 to align with the median increase in other capital cities and respond to Darwin’s house price growth.
“Do the right thing and unlock home ownership for more Territorians, especially those wanting to start families, so they can buy new houses appropriate for their needs,” he said in October.
The property cap rise also followed the extension of the timeframe to access the HomeGrown Territory Grant from 30 September 2025 to 30 September 2026, enabling more first home buyers to access the scheme.
Launched in October 2024, the one-off payment provides first home buyers $50,000 to be put towards building or buying their first home.
[You might also like: First home buyer scheme extended in NT]
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