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Support for first-time homebuyers at the top end

Support for first-time homebuyers at the top end

The Northern Territory Government has announced its budget will include a stamp duty concession for first-time homebuyers seeking to purchase existing property.

The 2016 budget delivers a 50 per cent stamp duty discount for first homebuyers of established homes valued up to $450,000 and capped at $10,000 thereafter.

The concession will apply from May 24, 2016 until June 30, 2017 and will be reviewed in the second quarter of 2017 to determine if it should be extended.

For homes valued above $450,000, first-time buyers will be entitled to the maximum stamp duty discount of $10,000.

The Real Estate Institute of the Northern Territory (REINT) has welcomed the news. REINT chief executive Quentin Kilian believes the measures will help stimulate the market and provide assistance to first homebuyers, though he adds that there’s still further advocating to be done.

“While this is a very positive step and certainly will help to stimulate this portion of the market, we feel a greater level of assistance could have been applied to first homebuyers and we will be continuing to speak with government with regard to the review in 2017 with the aim of having the thresholds increased substantially,” Kilian says.

Kilian believes the stamp duty concession for existing property purchases by first homebuyers will be particularly important in regional areas.

“[Areas] such as Katherine, Tennant Creek and Alice Springs where no or very little new building activity is occurring,” he says.

“It will mean that a first homebuyer seeking to purchase an existing property will need to save up to $10,000 less to get into the property market and have their own home.

“This can only be a positive move and the REINT will continue to ensure that first homebuyers get the best deal possible and every opportunity to save when they purchase their first property.”

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Founded in 1997, API is Australia's highest-selling property magazine.

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