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Territory Government housing initiatives applauded by The Heights, Durack

26 July 2012    

New housing initiatives announced by the Northern Territory Government to help people get off the rental roundabout have been praised by The Heights, Durack residential development which is set to play a key role in enabling more Territorians to buy their own homes.

Project Director of The Heights, Durack Geoff Smith has applauded the NT Government for launching its “My New Home” and “Homestart Extra” schemes, which will assist more families purchase homes and ease skyrocketing rents across the city.

“Darwin is the most expensive capital city in Australia to rent property so The Heights, Durakthese initiatives will encourage more people to break into the property market and buy a new home rather than rent,” said Mr Smith.

“In addition to providing a massive boost to homebuyers across the Territory, these new housing initiatives will also serve to stimulate housing supply and underpin the success of new residential projects such as The Heights, Durack.”

The Territory Government’s My New Home package will provide deposit-free loans to people buying new homes up to $750,000 without the need to pay lenders mortgage insurance. The Homestart Extra package builds on the Government’s existing “Homestart” shared equity scheme and will provide more affordable housing choices by increasing the shared equity option from 30% or $75,000 to 50% or $200,000, as well as increasing fee assistance loans to $15,000 meaning little or no deposit.

Mr Smith said allotments in The Heights, Durack – the first of which are now officially for sale – are set to become even more popular with homebuyers in light of the Government’s plans.

“The Territory Government has just made it significantly easier for people across all income brackets to purchase a block of land and build their dream home,” he said.

“The Heights, Durack is now particularly well placed as it’s the only residential development in Darwin that truly offers a diversity of innovative housing types, lot sizes and prices to suit all buyers.”

The Heights, Durack is a $450 million joint project between CIC Australia and Larrakia Development Corporation that will deliver 882 residential dwellings over the next 5-7 years, including 70 dwellings for independent retirement living. Lot sizes range from 303sqm to 900sqm to facilitate a diverse choice of housing options aimed at young professionals through to growing families, empty nesters and retirees.

The Heights, Durack is the second major joint venture project CIC Australia has undertaken in Darwin following the nationally recognised Lyons project in the city’s northern suburbs, while Larrakia Development Corporation was responsible for the successful Darla development in Palmerston.

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Issued by Hughes Public Relations: Kieran Hall, 8412 4100 or