Buying your first home is no easy task to consider, even in the current Darwin Katherine Real Estate markets.
Even past a final purchase, unexpected costs can hinder buyers in regaining their stability. Even entering the housing market may appear a heard gamble to those without experience in the property market. Luckily however, the Northern Territory Government is willing to lend a helping hand when it is your first time entering the housing market.
The First Home Owner Grant is a $26,000 grant available to those purchasing or constructing a new home. In concise terms, to be considered “new” the house of purchase must be one that has not been previously lived in, or that has undergone total renovation to be considered a new home. Those purchasing an established home still have access to some benefits through the First Home Owner Discount. This is a government initiative giving prospective first-home buyers government grants in the purchasing of established homes.
Although useful and incentive, these grants are only one of the factors in making a decision to buy a home. The Darwin and Katherine real estate markets are currently in a highly favourable position for buyers, due to low prices, strong buyer leverage and discounting. Market analysts suggest that this is due to the lack of interest in the Territory property market and Territory living as first home buyers are more interested in living in other states. These government grants have already given rise to a great deal of renovations and refurbishments by new home owners to secure their new residences. This has been beneficial to the declining Darwin and Katherine real estate markets.
Certain areas have been assured for growth by analysts, namely the Katherine real estate market. This market is currently looking favourable due to a strong interest in retirement investment by Baby Boomers finding more affordable options for retirement. This may push new growth and development into the Katherine real estate market, which with the First Home Owner’s Grant and Discount may become highly accessible to those hoping to enter the market without a hitch.
The greatest question, is when will the current decline stop? Market analysts and buyers are sure that the housing prices will rise soon, and suggest a turnaround due to a bottoming of the economic downturn in the housing market. This is said with confidence in a non-declining market so should be taken with a grain of salt, but the future of Top End real estate is in good hands.