$28 million worth of housing investment will be poured into the Northern Territory as the State Government aims to reach their 2030 target.
The funding, in the 2012 Budget, will primarily be aimed towards affordable and social urban housing and land release projects, according to Treasurer Delia Lawrie.
“Budget 2012 is gearing up the Territory for growth with continued land release, and supporting Territory families with affordable housing packages and generous home buyer assistance.”
This assistance will alter the supply/demand ratio in the territory, particularly in Kilgariff with $10 million of work expected to be completed by the end of the year and a further $3.5 million continuing on into 2013.
Johnston, with over 300 units in approval and construction phase and Bellamack, with over 465 titles issued for homes, are two of many sites that will see a supply injection under the funding.
The private sector is also seeing an increased supply of properties and land, Ms Lawrie said.
“The private sector is powering along and delivering more than 1000 lots in Muirhead, as well as 590 lots at the Heights in Durack and an 83-lot development at Coolalinga.” In Darwin CBD and suburban areas, 1600 units have been forecasted to be completed by June 2014, including 100 units in Parap.
The 2030 target includes the provision of more than 15,000 homes for Territorians over the next few years, of which 15 per cent will be affordable housing.