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Housing

Territory Construction Industry Receives Further Stimulus with Extended Home Builder Grants

Strategic Insights

— 1 min read

The Territory construction industry has been given a much-needed boost with the announcement that the $30,000 and $50,000 home builder grants will be extended until 30 September 2026. The move aims to stimulate the housing construction sector, create more work, and support local builders and jobs. The grants have already shown significant success since their launch eight months ago, with over $7.2 million in payments made to 472 recipients.

Key Takeaways:

  • The $30,000 and $50,000 home builder grants will be extended until 30 September 2026, providing further stimulus to the Territory construction industry.
  • The HomeGrown Territory grant scheme has already paid out over $7.2 million in grants to 472 recipients since its launch eight months ago.
  • The grants have a multiplier impact on the economy, with each construction dollar spent generating 1.7 times more economic activity.
  • Building approvals are up 48.6% over the year to March, the second strongest growth in the nation.
  • The HomeGrown scheme is the most generous in the country, with over 55 $50,000 grants and 399 $10,000 grants paid out, and a further 118 applications awaiting payment.
  • Treasurer Bill Yan attributed the success of the grants to the scheme's ability to improve affordability for those wanting to set up roots in the Territory.
  • The scheme is expected to lead to increased housing construction activity, which is critically important for rebuilding the economy.

Statistics:

  • $30,000 HomeGrown grant: 11 recipients since the scheme's launch eight months ago
  • $50,000 HomeGrown grant: 55 recipients since the scheme's launch eight months ago
  • Total grants paid out: $7.2 million
  • Total recipients: 472
  • Approved but awaiting payout: 118
  • Building approvals growth: 48.6%
  • Construction work growth: 13.2% year-on-year
  • Multiplier impact on the economy: 1.7

Sources:

  • Treasurer Bill Yan's address at Master Builders NT and NT Chamber of Commerce Treasurer's Budget Luncheon
  • Master Builders NT president Neil Sunners' statement
  • CommSec State of the States report
  • Territory Government press release

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