Markets in a ‘sound’ state despite shift: PIPA
The winds of change are sweeping through the country’s real estate market, but for Property Investment Professionals o...
Housing construction is set to surge across one state with new government plans soon to be announced.
Construction across the Northern Territory will see growth, according to housing minister Peter, yesterday.
“In the coming weeks we will detail the Government’s plans to overcome the housing crisis,” Mr Chandler said. “As promised, we are developing a clear direction to help increase the supply of all forms of housing, owned or rented, public or private.”
Part of the plans will be to remove “planning and financial barriers” that are holding back the housing market.
“We have a target of creating conditions so that 2,000 new affordable and industry rental homes are built over the next four years,” he said.
He noted that they will speed up the release of land and provide head leases up to 15 years to encourage developers to build.
This is done with the aim of making rents and house prices more affordable, and to “stop the drain” of people migrating to other states.
“The median price of a house sold in Darwin in the September quarter was $610,592, second only to Sydney and almost $80,000 higher than the national average,” Mr Chandler said, asking how this is affordable for many Northern Territorians.