Residential lots open up in the Northern Territory

Residential lots open up in the Northern Territory

Crown land has been freed up in the Northern Territory in a bid to alleviate rising house prices in the state and improve housing affordability - news that's sure to please those looking to drive down their home mortgage repayments.

It's also thought the release of the land will boost investment in the state, according to a June 25 government release.

Various lots open up

Two residential lots and two light industrial lots went up for auction on June 17 in Darwin, marking the final crown land auction for the financial year.

Two multiple dwelling residential lots in Moulden went under the hammer, as well as two light industrial lots in Yarrawonga.

There's plenty of potential for homeowners, with the residential lots being able to house up to 27 dwellings, according to Minister for Lands, Planning and the Environment Peter Chandler.

Extra housing stock is certainly needed, and it's expected that the release of this land will place "downward pressure on the cost of living", Mr Chandler noted.

Auction results

One of the residential lots drew plenty of attention, with the crown currently in the contractual stages of finalising the sale with a successful bidder.

The other lot didn't meet its reserve price, however it's still up for sale, with plenty of potential for a new housing development. Up to 19 dwellings could be accommodated on this land alone.

"The aim of these auctions is to boost investment and housing stocks. To avoid land banking, all crown land sold at auction has a legal requirement to be developed," Mr Chandler explained.

"More public auctions of crown land will happen throughout the upcoming financial year and I encourage individuals and businesses to get along and see what is on offer. The government has an aggressive land release agenda to improve housing affordability and private developers have an important role to play."

Image credit: cccdebbie

Follow loans.com.au

x-smallsmallmediumlarge
x-smallsmallmediumlarge