First time buyers emerge in droves in the NT
Northern Territory residents are taking advantage of the territory's first time buyer scheme, ...
Northern Territory residents are taking advantage of the territory's first time buyer scheme, recent figures suggest.
Treasurer Robyn Lambley said since the revised First Home Owner scheme began on December 4, there has been a significant increase in the number of people entering the residential property market for the first time.
Changes to the initiative mean first home buyers now receive $25,000 - up from the previous $7,000 - to purchase newly constructed homes or land to build a property.
First time buyers purchasing an existing home in Darwin, Palmerston North and rural areas are eligible to $12,000 grant.
Ms Lambley said changes to the scheme are already having an impact on buyers.
She explained: "In December, 111 grants were paid, up from 86 in December 2012.
"Last month, 107 grants were paid, up from 84 the previous month, with 45 issued in Darwin, 34 in Palmerston and the Rural Area, 18 in Alice Springs and 10 in Katherine."
The treasurer said the latest figures were encouraging for the territory's property market - indicating improving confidence in the real estate sector.