Discussion Paper Northern Territory Shared Equity Home Ownership Scheme
Tabled Paper 662
Tabled Papers for 5th Assembly 1987 - 1990; Tabled Papers; ParliamentNT
Tabled by Daryl Manzie
Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.
APPENDIX 1 SALES PRICE POLICY 0) It is current policy that all Housing Commission dwellings be sold at market value, except where the construction cost is higher than market value. In this situation the sale price is based on the total cost to the Commission of constructing that dwelling. It could be considered unjust to require potential purchas ers to pay more than the current market value and could also be considered an unwarranted bias on market forces. The effect of the cost price policy is particularly evident for newer dwellings in the currently depressed market place. Apart from the affordability problem (lenders will only lend to a percentage of market value, regardless of construc tion costs), potential purchasers are reluctant to buy a dwelling at a price which represents an immediate capital loss. To sell at market value only would provide an incentive for those people who could afford full or partial home owner ship through the Interest Subsidy Scheme or Shared Equity Scheme. This would impact favourably on areas which have predominantly Housing Commission-owned housing.
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