Having successfully shovelled millions into the local economy, the Northern Territory has extended its BuildBonus scheme to 31 March 2021, with Territorians given extra time to secure a $12,000 grant towards a new build.
According to the NT government, the BuildBonus scheme has generated $220 million into the local economy since it was introduced in March 2019, with $11 million in grants paid to 550 applicants.
Under the grant program, home builders were eligible to access a BuildBonus grant of $20,000 up until 31 December 2020, with the government now choosing to extend the scheme with a reduced amount of $12,000.
The extension was modelled off the federal government’s decision to continue its HomeBuilder program to the same date.
“This grant has helped so many Territorians build their nest and make a break into the real estate market,” said chief minister Michael Gunner.
“It’s also kept tradies in work along the way, with plenty more jobs to flow this year.”
The final quarter of 2020 saw a a surge in applications for BuildBonus, with 67 submitted in October, 128 in November and 76 in December.
The month of November also saw the NT record an almost 60 per cent increase in the number of residential building approvals compared with the month before.
This boost also positioned the territory ahead of the nation, with the NT measuring the largest year-on-year increase, up more than 18 per cent.
“People are choosing to stay longer in the territory, and more people are moving and choosing to call it home.
“The territory’s real estate market is booming for the first time in years, and we want to capitalise on this opportunity and make the territory the best place to build and own a home.”
Recent Domain data revealed a dramatic shift in Darwin’s rental market, with record growth in both house and unit rents.
According to Domain’s Rental Report for the December quarter, Darwin is the clear winner, topping the capital city rental markets with a 12.2 per cent increase in house rents and a 7.7 per cent increase in unit rents.