Territory Stories

The Northern Territory news Sat 23 Apr 2011

Details:

Title

The Northern Territory news Sat 23 Apr 2011

Other title

NT news

Collection

The Northern Territory news; NewspaperNT

Date

2011-04-23

Description

This publication contains may contain links to external sites. These external sites may no longer be active.

Language

English

Subject

Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin

Publisher name

Nationwide News Pty. Limited

Place of publication

Darwin

Use

Copyright. Made available by the publisher under licence.

Copyright owner

Nationwide News Pty. Limited

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/232237

Citation address

https://hdl.handle.net/10070/664950

Page content

4 NT NEWS. Real Estate Liftout Saturday, April 23, 2011. www.ntnews.com.au P U B : N T N E W S D A T E : 2 3 -A P R -2 0 1 1 P A G E : 1 0 4 C O L O R : C M Y K PROPERTY l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l ntnews.com.au Soft entry home scheme unlikely in NT An innovative scheme such as thiswould give people the chance to take amore phased approach to entering the propertymarket THE Northern Territory Government seems unlikely to follow up on a call for a soft entry scheme for first-home buyers in Adelaide. Credit union Community CPS wants South Australians to be given the chance to buy the house but not the land similar to a scheme in Canberra. It said such a move would slash the size of the deposit needed to secure a mortgage. The Territory Government said it was concentrating on other affordable housing options, including: LAND in the new Palmerston suburb of Johnston being valued at $220,000 but available by ballot for $140,000; HOUSE and land packages in Bellamack available for between $342,000 and $420,000; TOWNHOUSES in Bellamack Gardens available to purchasers from $253,000; and HOUSE and land packages at the Ridges Estate in Alice Springs available by ballot for no more than $38,000. Fifteen per cent of all future land releases will also be set aside for affordable and social housing. Eligible Territorians can buy any one of these housing options using Homestart NT, which allows flexibility, such as shared equity and longer loan repayment terms. Applicants need a 2 per cent deposit and can also get an interestfree loan to help with the upfront costs, such as white goods, conveyancing and stamp duty. The Adelaide scheme has been suggested because of a nationwide problem of property affordability. CPS chief executive Robert Keogh said it would be an innovative solution to problems of af fordability by saving up-front costs. As property prices continue to rise, an innovative scheme such as this would give people the chance to take a more phased approach to entering the property market, he said. The land would become part of the package when the property was sold in other words, the first buyer would pay for only the home, but when the property was sold, the value of the land would go to the lender. This would allow buyers to get on to the property ladder at a relatively low cost. Mansion tops sale prices By NIGEL ADLAM BUSINESSMAN John Foxy Robinson paid $4.7 million for Darwins Bellevue mansion. That makes it the most expensive house ever sold in the Territory. The sale price was reported to be between $2.5 million and $5 million when Mr Robinson bought the red-brick house in Fannie Bay. Sales records now show that the price was at the very top end of the speculation. But the cost wouldnt have troubled the former Katherine meatworker too much. He has just sold his two airport hotels for $70 million and has won the Federal Government contract to build a 1500-bed detention centre at Wickham Point. Mr Robinson bought only a part of the Bellevue House property. Multi-millionaire bourbon importer Norm Forster is to convert the back of the complex into luxury apartments and townhouses. They will cost $1.5-$2.5 million. Mr Forster originally put the whole five-block Bellevue property on the market for about $10 million. But when there were no takers, he put the main house and the land at the back of Bellevue up for auction as two lots. Both were passed in but after private negotiations Mr Robinson bought the 13-bedroom mansion. Bellevues new owner had worked as a labourer during its construction and was sacked by the site foreman. Three other Territory properties made it on to the list of the top 25 most expensive homes sold in Australia last year, according to RP Data. The most expensive was on Perkins Circuit, Larrakeyah, which went last July for $3.325 million. A house on nearby Packard St sold for $2.9 million last September and a house on Benson Court in Knuckey Lagoon was snapped up for $2.6 million in April.


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