Plenty of home buyers rely on government assistance to make their dream of owning real estate a reality, but citizens looking to purchase residential property in Moil, Alawa and other areas surrounding Darwin will soon find their options more limited.
The Northern Territory First Home Owners Grant (FHOG) will no longer be available for existing properties starting 1 January 2015. From that date onward, the NT FHOG can only be used for the construction of new dwellings.
However, the current property value limit of $600,000 will be removed and the grant itself will be increased fro $25,000 to $26,000, two developments that help prospective home buyers in the region.
"These are practical changes that will make the grant more appealing and flexible to first home buyers that are buying or building new homes," said treasurer Dave Tollner in a 9 May statement.
"By targeting the first home owners grant towards the purchase of newly built homes, the grant is more likely to contribute to growth in housing supply and employment in the construction sector."
Of course, if building or buying a brand new home doesn't appeal to you, there's always the option of investing in high-rise apartment units and similar medium-density properties.