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NT Government Puts $42 Million Back Into Home Owners

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NT Government Puts $42 Million Back Into Home Owners

February 2007

NT Treasurer Syd Stirling today revealed that the Martin Government’s home owner concessions had put $42 million back into Territorians pockets since 2002.

“The Martin Government is committed to making housing more affordable for Territorians – and so far we have provided concessions to more than 14 000 home owners in just four and a half years,” said Mr Stirling.

“We have implemented two stamp duty concession schemes. These include a first home buyer tax free threshold of $225 000, and a principal place of residence rebate of $2500 for all Territorians. These have helped to reduce the costs Territorians face in buying their own homes.”

The Treasurer said that the Home North Scheme had also been highly successful.

“Unlike the rest of Australia we have a high number of first home owners still in the market. In fact, over the last couple of years this number has risen from around 750 to 870 per year,” he said.

“While home affordability is tighter than previously we are still the second most affordable place in Australia and Territorians are taking advantage of that.

“While ABS statistics released today show continuing growth in housing prices it is clear that prices are evening out. Recent reports from the Real Estate Institute suggest that these prices, while remaining solid, have eased a little in recent months,” he said.

“The Martin Government is committed to achieving a balance between maintaining the value of homes already owned by Territorians and ensuring that others can get into the market and own their own homes. It is an ongoing management exercise,” Mr Stirling said.

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