Ms SACILOTTO - 2005-08-25
There have been recent reports that younger Australians are finding it increasingly difficult to escape the rental trap and move into the private home ownership market. How is this trend affecting younger Territorians hoping to buy their own home?
ANSWER
Madam Speaker, I thank the member for Port Darwin for her question. She has made a great contribution to the housing industry through her previous experience with the real estate industry.
I am happy to announce to the House that, this week, we signed up the 700th HomeNorth loan since the Martin Labor government re-vamped the scheme in July 2004 at a value of $124m. Perhaps no other group has benefited more from HomeNorth than our young people in the Northern Territory.
Research carried out in 2002 for the Australian Housing and Urban Research Institute by Judith Yates found that the home ownership for households in the 25 to 44 age group declined between 1986 and 1996 by around 6.7%. With the hike in housing prices in the last decade there has been a further decline since that period. This has, obviously, had long- term policy implications given the strong benefits that have been shown between home ownership, employment, health and wellbeing.
I am pleased to report to the House that the Northern Territory is bucking the national trend, and that the revamped HomeNorth scheme is immensely assisting in this process immensely. Since 1 July 2005, 82% of HomeNorth loans, nearly 600, have been taken out by borrowers under the age of 44. Indeed, one in five borrowers have been below the age of 24. This rate of home purchase is close to double the general rate of home ownership in the Northern Territory which, at 44% across all ages, is the lowest in the nation.
As a community, the Northern Territory loses so many of its younger population who head south for work, education or travel, and many never return to live in the place where they grew up. HomeNorth, with its low deposit rate of 2% and its system of shared equity, gives young Territorians a chance to get their own patch in the Territory. With the most affordable housing in Australia, and recently reduced stamp duty rates, young Territorians have a great chance to stay or return here and make a lifelong contribution to our place.
Indeed, we have already documented a number of instances where young Territorians have been positively encouraged to return after they have completed their studies down south, and that affordable home ownership has been one of the main incentives for them to come home. Therefore, as well as creating a more sustainable population, these younger Territorians are returning with skills that are in short supply in the local labour market.
HomeNorth is an important part of the Martin Labor government’s population strategy. Its success in attracting and retaining younger Territorians demonstrates extremely positive outcomes for the future of the Northern Territory.
ANSWER
Madam Speaker, I thank the member for Port Darwin for her question. She has made a great contribution to the housing industry through her previous experience with the real estate industry.
I am happy to announce to the House that, this week, we signed up the 700th HomeNorth loan since the Martin Labor government re-vamped the scheme in July 2004 at a value of $124m. Perhaps no other group has benefited more from HomeNorth than our young people in the Northern Territory.
Research carried out in 2002 for the Australian Housing and Urban Research Institute by Judith Yates found that the home ownership for households in the 25 to 44 age group declined between 1986 and 1996 by around 6.7%. With the hike in housing prices in the last decade there has been a further decline since that period. This has, obviously, had long- term policy implications given the strong benefits that have been shown between home ownership, employment, health and wellbeing.
I am pleased to report to the House that the Northern Territory is bucking the national trend, and that the revamped HomeNorth scheme is immensely assisting in this process immensely. Since 1 July 2005, 82% of HomeNorth loans, nearly 600, have been taken out by borrowers under the age of 44. Indeed, one in five borrowers have been below the age of 24. This rate of home purchase is close to double the general rate of home ownership in the Northern Territory which, at 44% across all ages, is the lowest in the nation.
As a community, the Northern Territory loses so many of its younger population who head south for work, education or travel, and many never return to live in the place where they grew up. HomeNorth, with its low deposit rate of 2% and its system of shared equity, gives young Territorians a chance to get their own patch in the Territory. With the most affordable housing in Australia, and recently reduced stamp duty rates, young Territorians have a great chance to stay or return here and make a lifelong contribution to our place.
Indeed, we have already documented a number of instances where young Territorians have been positively encouraged to return after they have completed their studies down south, and that affordable home ownership has been one of the main incentives for them to come home. Therefore, as well as creating a more sustainable population, these younger Territorians are returning with skills that are in short supply in the local labour market.
HomeNorth is an important part of the Martin Labor government’s population strategy. Its success in attracting and retaining younger Territorians demonstrates extremely positive outcomes for the future of the Northern Territory.
Last updated: 09 Aug 2016