There has been an increase in the number of first home buyers seen in the Northern Territory of Australia.
Treasurer Robyn Lamley said that there had been an increase in the number of First Home Owner Grants taken out since changes had been made to the scheme.
It was hoped that people wanting to enter the Australian property market, which is known to have high house prices despite the cost of living when compared to other developed countries, would be encouraged to do so with the help of government funded grants.
Previously, these grants totalled at $7000 but have since increased to $25,000 for first home buyers seeking to buy a recently built home or to build their own home.
The Northern Territory has been reported to have a strong property and construction sector according to recent reports from the Property Council of Australia, rating property and construction sector business confidence on their index well above the average for Australia.
Posted by Steve Douglas