State of Markets – NT November 2012

NORTHERN TERRITORY

• 68%: Properties occupied by renters in 2011 (SQM Research)
• 5.61%: Gross rental yield – houses (RP Data)

Fee assistance loans help NT borrowers
Northern Territory residents will find it easier to stop renting in favour of owning a home with the Territory Insurance Office’s new My New Home and Homestart Extra packages.

“The [NT government] is committed to increasing affordable housing options for a growing population by delivering new housing developments, affordable rental homes and the best government home buyer assistance in the nation,” treasurer Delia Lawrie said.

“We understand the challenges a strong economy can bring and that’s why we are providing incentives to support Territorians to purchase their own part of the Territory and increase the supply of rental stock.”

New vendor disclosure regulations on hold
Changes to vendor disclosure legislation have been suspended in the Northern Territory to avoid slowing down property transactions, according to attorney general John Elferink.

Having signed a notice of revocation recently to prevent the legislation from commencing in October 2012, Mr Elferink explained it would be an unnecessary change.

The changes would have made it necessary for sellers to have their paperwork ready prior to putting their property on the market, including building reports, title certificates and similar details.

“The legislation would have put enormous pressure on ordinary Territorians who wanted to sell their home,” he said. “It would have increased the time it takes to sell a dwelling and put the onus on vendors to lodge paperwork that would do nothing to stop gazumping but a great deal to slow down property movements.”