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Property News

Northern Territory first time buyers receive housing boost

July 31, 2012

The Northern Territory first time buyer market has received a financial boost with a $12 million cash injection to accelerate the construction of 750 dwellings in the region.

Territory chief minister Paul Henderson said the multimillion dollar investment had facilitated vital power, water and road infrastructure work vital for the construction of residential property.

Mr Henderson said work was now underway on 61 blocks in Zuccoli - providing the region up to 750 homes by 2018.

He commented: "The territory government has invested $12 million to accelerate the release of land at the new suburb of Zuccoli as part of our massive land release program to get more homes out of the ground across Zuccoli, Bellemack, Johnston and Muirhead.

"There is now a steady supply of land and significant competition in the marketplace."

The suburb of Zuccoli will provide homeowners in the area with an opportunity to buy into an area with open spaces, schools, a local shopping centre, bike paths and other amenities.

Mr Henderson said 15 per cent of government land had been allocated for affordable and social housing to encourage as many Territorians into their own home as possible.

"The territory is about to undergo an exciting period of growth and more than 100 local jobs have been created through the development of the Zuccoli project alone," he explained.

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