00:02With property prices rocketing, the dream of home ownership in Darwin is fading for many.
00:07I was going to auctions and to inspections nearly every week and then things would sell
00:12either before the inspection or immediately after the inspection, or if you go to an auction
00:17then you just watch it get bid out above the first home buyer 5% deposit cap.
00:22The federal government is trying to change that. A scheme that formally allowed first home buyers
00:27to put down a 5% deposit for properties up to $600,000 will now extend to homes worth $750
00:34,000.
00:34This is a program that's designed to support young people who need government help to get into housing.
00:41According to Domain Data, the new threshold is higher than the median house and unit price in Darwin and Palmerston.
00:48As of December, the median house price in most greater Darwin suburbs sat below the $750,000 mark.
00:54The announcement comes at a turbulent time for the Darwin property market.
00:57In 2025, the median dwelling price in Darwin rose by $85,000.
01:02Here in Nycliffe, the median house price is already $100,000 over the new threshold for buyers looking to put
01:08down a 5% deposit.
01:10Will we need to see that cap lifted in the future? Quite possibly so.
01:13As house prices in Darwin increase, that cap may have to change.
01:18But I think the cap, as it's been put in place now, will provide those opportunities
01:22much needed for territories looking to get into their first house.
01:26The change will kick in on the 1st of July.
01:29Commandment System
01:30with the rise of Sanctuary
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