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NT commits $68m to residential land development

The territory’s government has unveiled its latest budget, confirming further support in land developments and a record investment in remote housing.

Included in this measure will be investments in the Northern Territory capital of Darwin, which over three years, will be used in works to “support land release” within the rural suburbs of Holtze and Kowandi.

Further, the government has stated there will be residential developments throughout the northern and southern areas of the Alice Springs suburb of Kilgariff, as well as across Katherine East . 

According to the NT papers, the collective cost of these amounts will be $68.7 million, making up more than one-third of the government’s total planned expenditure for land development ($186 million). 

“The 2022 Budget is focused on attracting and winning private investment by supporting projects to reach final investment decisions faster, while also working to maximise the value to be captured from these projects by the Territory and proponents,” the budget stated. 

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However, the NT’s government has also confirmed that housing community amenities will receive a collective $897.2 million – over one quarter (27.4 per cent) of this year’s total budget. 

The bulk of this support will be the $690 million used for remote Aboriginal housing across the NT, which is said to combine “significant investment” from both the territory and Commonwealth governments.

Making up this remote support included more than $300 million for Remote Housing Investment Package, which will be devoted to works through HomeBuild NT, Room to Breathe as well as Government Employee Housing. 

A sum of $235.8 million will be devoted for land servicing to “support the Remote Housing Investment Package”.

Further, over $150 million contribution from the Commonwealth government will be invested in building new and improving existing housing “through the national partnership agreements for remote housing”.

The planned yield for this funding includes at least 260 new homes and the construction of a minimum of 200 serviced lots.

NT Minister for Remote Housing and Town Camps Chansey Paech commented that this combined investment is a record figure. 

“Our investment in housing is fundamental to better outcomes across the board and the cornerstone of economically viable, skilled communities,” Mr Paech said. 

“The new financial year comes with exciting prospects for our remote housing program, and I’m looking forward to seeing many of our projects come to fruition.”

The NT government has also noted that its budget will allow, from 1 July 2022, a stamp duty exemption for eligible individuals who acquire newly-developed land from a registered building practitioner, as well as the continuation of its $10,000 First Home Owner Grant and HomeBuild Access Loan.

[Related: Victoria confirms $40m housing injection]

NT commits $68m to residential land development
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Sam Nichols

Sam Nichols is a journalist at The Adviser and Mortgage Business. His reporting has featured in a range of outlets including ABC News, SBS' The Feed, and VICE.

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