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Speaker 1: Plans have been unveiled by the Northern Territory Property Council

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Speaker 1: in an effort to boost housing stock for the Northern Territory.

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Speaker 1: The Homes for Territorian's Plan outlines a number of recommendations

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Speaker 1: aiming to revitalize the housing market and make home ownership

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Speaker 1: more accessible. Now joining us on the line to talk

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Speaker 1: us through the plan that the Property Council has hatched,

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Speaker 1: it's the NT Executive Director Ruth Palmer. Good morning, Ruth, Oh,

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Speaker 1: good morning Katie. Thanks so much for your time now, Ruth, firstly,

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Speaker 1: what's your analysis show in terms of the challenges when

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Speaker 1: it comes to housing in the territory.

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Speaker 2: Yeah, thanks Katie. So we have launched our pre budget

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Speaker 2: submission obviously that has a massive focus on housing at

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Speaker 2: the moment. We know that the median house prices have

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Speaker 2: increased somewhat slightly but still increase, but also the cost

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Speaker 2: of living and the inflation rises mean that there are

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Speaker 2: some challenges around loan but also getting those mortgages that

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Speaker 2: rent rents as well. So we're just that there is

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Speaker 2: that shift, so we need to be looking at how

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Speaker 2: we can make the housing affordable to territories but also

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Speaker 2: to have the appropriate stock that people need people need

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Speaker 2: to access, whether it's through senior housing, student accommodation, and

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Speaker 2: affordable housing as well as other homes as well. That

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Speaker 2: often we have a scheme for like the home build

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Speaker 2: access So we have set out a range of recommendations

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Speaker 2: that aren't sort of hard. They're not hard to do.

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Speaker 2: It's not going to cost the government, you know, billions

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Speaker 2: of dollars, so we feel it very it's a very

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Speaker 2: easy way to be able to get people into home.

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Speaker 2: And so you know, Territorians have a place.

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Speaker 1: So is because very often when you sort of have

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Speaker 1: these discussions about housing, you know, with the governmental or

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Speaker 1: with different sectors, it's sort of talking about you know,

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Speaker 1: the public housing stock or talking about private ownership. But

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Speaker 1: by the sounds of it, you know, there are some

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Speaker 1: other areas that need to be looked at, Ie, like

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Speaker 1: affordable housing.

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Speaker 2: Yeah, that's right, Katie. And just to run through like

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Speaker 2: a brief snapshot of a couple of the recommendations we've

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Speaker 2: put in that we believe the government should look at.

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Speaker 2: Are things especially like revising the home build access to scheme,

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Speaker 2: so basically to increase the purchase price around that seven

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Speaker 2: hundred and fifty grand, so upping that threshold. But with that,

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Speaker 2: you need to increase the income eligibility to meet that

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Speaker 2: current borrowing capacity. So what that means, and just give

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Speaker 2: you an example back in twenty twenty two, when interest

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Speaker 2: rates are sort of around that three point five percent,

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Speaker 2: thousand dollars a week repayment could get you around a

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Speaker 2: nine hundred thousand dollars mortgage at the moment. Now that

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Speaker 2: same repayment will get you around seven hundred and thirty grand,

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Speaker 2: So you really need to look at that income so

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Speaker 2: that that borrowing capacity, revising that because at the moment,

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Speaker 2: people you know, if you're looking at a family of

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Speaker 2: four or a family of five, they're not going to

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Speaker 2: be able to find a house that's suitable the affordability piece, right,

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Speaker 2: so you know, as well as that, you know, there's

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Speaker 2: that extending stamp duty concessions to include one hundred percent

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Speaker 2: release of off the plan apartment, you know, so that's

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Speaker 2: basically you're encouraging construction activity. You're getting buildings because you're

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Speaker 2: getting that stamp duty relief. So there's a couple of

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Speaker 2: things in there, and you know, promoting that right sizing,

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Speaker 2: So how do we encourage seniors to move into more

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Speaker 2: suitable housing where we can offer them a fifteen thousand

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Speaker 2: dollar graphs or so some kind of incentive that then

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Speaker 2: frees up that four or five bedroom home. So then

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Speaker 2: we're also creating neighborhoods suitable for seniors. You know, these

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Speaker 2: are the things that really can easily be considered and

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Speaker 2: should be when we're sort of talking about that housing piece.

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Speaker 1: So Roose talk us through, you know what some of

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Speaker 1: those key recommendations are that you've the property councils putting

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Speaker 1: forward to the major parties ahead of the Northern Territory election.

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Speaker 2: Yeah, so they're definitely the key ones. But also there

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Speaker 2: is that strategic housing development and supply, So how do

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Speaker 2: we look at streamlining approvals and development incentives. So you're

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Speaker 2: looking at those high demand areas, So we really want

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Speaker 2: to be looking at that urban infield to reduce the urbanspoll.

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Speaker 2: We don't need to be seeing like brand new suburbs

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Speaker 2: open up where there isn't any headwork. It's going to

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Speaker 2: cost millions of millions of dollars. We need to be

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Speaker 2: looking at the areas within within Darwin or within our springs.

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Speaker 2: Catherine In already established activity centers that already have power, water,

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Speaker 2: already have the essential services there and sort of be

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Speaker 2: and sort of growing those areas as well.

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Speaker 1: So do you mean like duplex and triplex blocks and

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Speaker 1: things like that, Ruth, or are you talking a bit different?

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Speaker 2: There are there are pockets of lands that already have

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Speaker 2: works that have started on them. It's a matter of

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Speaker 2: completing them. We do. We can talk about those thousand

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Speaker 2: square meters of thousand square meter blocks that can be

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Speaker 2: chopped in half. You know, is there an option there

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Speaker 2: to be able to have five hundred square meter block homes?

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Speaker 2: So these are the things that need to be looked

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Speaker 2: at because there are areas that we can can do

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Speaker 2: this with. But there's also available land around that already

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Speaker 2: has those services, so looking at that as well. But

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Speaker 2: there's also so you know, looking at the half and

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Speaker 2: the housing accords, so you know, leveraging off that federal

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Speaker 2: government investment there and work in partnering up with those

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Speaker 2: community housing providers. You're looking at that affordable housing. So

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Speaker 2: we've kind of papped into every single market that housing

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Speaker 2: covers because we've also put in there a reason that

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Speaker 2: you know, to get that purpose built student accommodation up.

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Speaker 2: So one of the things that we've said that the

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Speaker 2: government should look to commit to pre booking fifty percent

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Speaker 2: of student beds in new developments, which basically increases that

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Speaker 2: project feasibility and ensures that students have a bed so

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Speaker 2: you know, they will get the money back once the

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Speaker 2: students are here and the projects done. So it's a

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Speaker 2: matter of that pre commitment because currently, as it stands,

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Speaker 2: projects is aren't stacking up and it's not viable. But

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Speaker 2: we know we need them.

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Speaker 1: I mean, what about like, are there different areas in

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Speaker 1: the city, for example in the CBD, which you know

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Speaker 1: and you and I have spoken about this before, Like

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Speaker 1: we're we're talking about student accommodation, but then we've got

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Speaker 1: you know, office buildings that's that aren't you know, that

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Speaker 1: are not being fully utilized. Like, are there different ways

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Speaker 1: that we can actually be utilizing some of those buildings

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Speaker 1: that we've already got.

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Speaker 2: Yeah, and this is something we've been talking about and

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Speaker 2: pushing for years now when that university first sort of

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Speaker 2: was announced. These are things we've been talking about. We

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Speaker 2: know that the commercial vacancy in the ZO and CBD

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Speaker 2: sits at around fourteen point seven percent, but the oldest

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Speaker 2: stocks sort of that, you know, the ones that aren't

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Speaker 2: a sort of new and fancy that's abound fifty percent

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Speaker 2: vacant across just the CBD alone. So one of the

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Speaker 2: things we have put we we've been putting forward for

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Speaker 2: a while now is that repurposing existing stocks so it's

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Speaker 2: being able to sort of work within the planning scheme,

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Speaker 2: allow some exemptions whether it be car parking or the

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Speaker 2: room to common area ratio aspect, to be able to

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Speaker 2: just get those buildings slipped over quickly so we can

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Speaker 2: put people in them. Because at the moment, there is

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Speaker 2: no use for those those buildings. And when we talk

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Speaker 2: about Zerah excite, when we talk about vacant building, this

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Speaker 2: is a major conversation that needs to be had. So

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Speaker 2: converting those buildings to me and the property Council is

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Speaker 2: a no brainer because you're activating it, but you're also

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Speaker 2: supplying housing for people that need it.

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Speaker 1: Roots what about you know, like incentivizing things like right

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Speaker 1: sizing first seniors. So when we talk about that, you know,

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Speaker 1: a lot of like a lot of seniors in our

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Speaker 1: community at the moment might be living in quite big

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Speaker 1: houses that they've owned for years and years and maybe thinking, oh, well,

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Speaker 1: I do. Actually I could look at downsizing to something

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Speaker 1: a bit smaller and then obviously that home becomes available

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Speaker 1: either for sale or lease to a family. Like, are

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Speaker 1: there different ways that we could be incentivizing doing things

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Speaker 1: like that?

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Speaker 2: Yeah, So one of the things we did put in

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Speaker 2: our recommendations was introducing a fifteen thousand dollars grant to

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Speaker 2: seeing yours who want to transition into more suitable housing.

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Speaker 2: But what we need to make sure is if we

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Speaker 2: are looking at that, then we need to be creating

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Speaker 2: approb create precincts or appropriate neighborhoods for those THINGE is

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Speaker 2: to want to go to. So then is that then

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Speaker 2: there's like that whole conversation around retirement villages, appropriate housing,

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Speaker 2: and safe and affordable homes that things can go into,

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Speaker 2: because that's the other thing we want our scene is

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Speaker 2: to feel safe. We want them to feel part of

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Speaker 2: a community. And so one of the things we did

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Speaker 2: put is that fifteen thousand dollars incentive grant to be

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Speaker 2: able to then you know they could there then potentially

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Speaker 2: is a four bedroom house that then becomes available for

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Speaker 2: a family or that that effectively might be near a

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Speaker 2: school or you know, the shops or something like that

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Speaker 2: that families are requiring, but we need to make sure

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Speaker 2: that we have the same appropriate facilities of infrastructure for

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Speaker 2: sceneors as well, and that's that's another conversation around that

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Speaker 2: housing choice, building those appropriate precincts.

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Speaker 1: We're too from here? I mean, obviously you know obviously

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Speaker 1: these are you know, this is your plan or the

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Speaker 1: this is certainly the outline that you've put to both

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Speaker 1: the government and the opposition, I'm assuming as we lead

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Speaker 1: in to the election. So where too from here?

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Speaker 2: Well, at the moment we are banging on the doors

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Speaker 2: of the government and the opposition. So we are meeting

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Speaker 2: with the leader of the Opposition in the coming weeks,

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Speaker 2: and we are catching up again with Joel Bowden, but

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Speaker 2: we're going to be showing Joel around as well, so

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Speaker 2: doing a bit of a look around the CBD, a

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Speaker 2: look around some of the areas more in the inner

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Speaker 2: suburbs as well, and we're actually going to be sort

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Speaker 2: of pointing out the Minister so where there are opportunities

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Speaker 2: and where we see that there could be potential infill,

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Speaker 2: but also where there's some gerilic buildings that could be

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Speaker 2: looking at that repurpose. So that's something he's committed to

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Speaker 2: with us around that looking and sort of analyzing where

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Speaker 2: we're at. But basically we just need to get it

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Speaker 2: done quickly. We know that the university is set to

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Speaker 2: open its doors or ye a slight delay, but you

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Speaker 2: know there is nowhere for students to live. So getting

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Speaker 2: that purpose build student accommodation up, whether it is through

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Speaker 2: that modular housing or it's converting those buildings, they're the

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Speaker 2: two quickest ways that we can do it because if

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Speaker 2: we're going to be starting construction from scratch, it's a

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Speaker 2: couple of years, so we need to be looking at

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Speaker 2: things quickly. Unfortunately it has it has dropped, like the

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Speaker 2: ball was dropped around around that house and teeth. So

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Speaker 2: we've put board a very sort of easy to establish

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Speaker 2: plans by way of those incentives, but also by way

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Speaker 2: of looking at different different housing choices for people and

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Speaker 2: cusially that home build access scheme. That's like a very

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Speaker 2: quick and easy way to get Territorians into home just

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Speaker 2: by revising those numbers, I mean the borrowing.

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Speaker 1: We've got to do something. Moments, yeah, yeah, and look,

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Speaker 1: we've got to do something. We've got to you know,

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Speaker 1: like it seems to me like, there's actually, you know,

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Speaker 1: there are different things, there's different leavers that we could

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Speaker 1: be pulling, there's different things we could be doing to

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Speaker 1: get things moving. And I think not just here in

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Speaker 1: the territory, but nationwide, right, Like we've got to make

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Speaker 1: it more accessible for people to be able to get

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Speaker 1: into their own homes and we've got to make sure

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Speaker 1: we've actually got homes for people.

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Speaker 2: Yeah, that's right, and we know right across the country

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Speaker 2: every jurisdiction is facing this crisis. So it's not just us,

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Speaker 2: it's not just Queensland, it's not just New South Wales.

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Speaker 2: Everybody's in it. And with that as well, that does

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Speaker 2: throw away workers from the northern territory. So when we

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Speaker 2: are looking at that construction, are we losing tradees to

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Speaker 2: down south because they're getting a pipeline of housing up.

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Speaker 2: So we need to make sure we've got activity here

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Speaker 2: to keep the workforce here, keep people employed and also

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Speaker 2: get him into homes like nationally at the moment has

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Speaker 2: this is a main focus with pre budget subs and

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Speaker 2: we've definitely put ours forward and this is something that

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Speaker 2: we will continue to push. We have a research piece

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Speaker 2: launching next month that looks at an even deeper sort

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Speaker 2: of level of this and around construction but also housing incentives.

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Speaker 1: Always good to catch up with you. We are going

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Speaker 1: to have to leave it there. Thank you so much

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Speaker 1: for your time this morning. Thanks a lot, Katie, thank

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Speaker 1: you