Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Last week, we spoke at length about the federal government's
first Home Buyers scheme. The expansion of the home Guarantee
scheme means that there are no income or place limits,
allowing eligible first home buyers to purchase with a five
percent deposit. Now, the scheme's been positively embraced by many,
but here in the Northern Territory there has been some
concerns raised about the six hundred thousand dollars cap. Now,
(00:22):
last week we heard from industry groups who asked for
the federal government to consider raising the cap, as they
have recently done in other states. Now joining us on
the line is the federal Member for Solomon, Luke Gosland.
Good morning to you, Luke. You kady, Yeah, really good,
Thanks so much for your time this morning. Now, Luke,
first off house the scheme being received in the Northern
(00:45):
Territory since the expansion last.
Speaker 2 (00:47):
Week, Yeah, incredibly Well. As one example, we'll go one
data set here, the one eighty seven people in Dearwen
and Parmeerson under the expanded Home Guarantee scheme have got
into their first home utilizing the scheme already, and that
(01:09):
all those homes are obviously under that six hundred thousand
dollars median price that was chosen.
Speaker 1 (01:18):
Sorry, can you just give me the timeframes on that,
because obviously the expansion of the scheme didn't kick off
till last week. But so those oney, one hundred and
eighty seventy is that sort of from when the scheme
initially began.
Speaker 2 (01:30):
Yeah, I haven't got figures since it's been expanded, but
that figure will continue to go up because yeah, a
lot of people. If you have a look at the
last last weekend, for example, the houses and units that
were available, about half of them were available under six
hundred grand. The median price is five hundred and fifty
(01:54):
eight thousand, So all right, gone above.
Speaker 1 (01:56):
Well, I just want to speak about that because week
I do just want to speak about that because we
like as of today, I've been on real estate dot com,
for example, and there are currently eight standalone homes in
Darwin and Palmerston and the Greater Darwin region at six
hundred thousand dollars or less.
Speaker 3 (02:16):
I don't know how many units.
Speaker 1 (02:17):
I'd have to have a look at that, but I
guess the concerns that are being raised at the moment
is that maybe we need a relook at this cap
just in light of recent data over the last couple
of months showing that you know, we fortunately I guess
here in the Northern Territory are having a bit of
a surge when it comes to you know, those prices
(02:39):
finally going up.
Speaker 2 (02:42):
Yeah, and we will review it over time if it
looks like that first home buyers and that's what this
scheme is, helping first home buyers to get into the market.
But the median price means of all the properties that
are available half of them are or the median point
of all those properties available is five hundred and fifty.
Speaker 3 (03:04):
Eight properties are we talking on the market?
Speaker 2 (03:08):
So last weekend for example, I haven't got an exact
number of properties, but of all the properties that were available,
well over half were available fro under that six hundred
thousand dollars mark. The COLPNT government have been advocating for
an increase to that, and this scheme has an ability
(03:29):
to review it if it looks like the first home
buyers aren't getting the chance to enter the market. But
so far we can see that they are. I've talked
to different people like the master builders and others. There
are definitely some developers who wanted to increase because they're
selling house and land packages for above six hundred thousand,
but there are a lot of options both in units
(03:50):
and existing houses out there, and territorians that's happened.
Speaker 1 (03:54):
I might take it through because I agree with you,
like by the sounds of it, and certainly by the
data that you've given us a little bit earlier this morning,
that one one hundred and eighty seven first time buyers
being able to get into the market here in the
Northern Territory. Like they're good numbers, they're really good numbers.
But over the last sort of two weeks, what we're hearing,
and to be honest with you, I'm not overly interested
(04:14):
in what the COLPS said in terms of raising those caps.
More what I'm interested in is what I'm hearing from
people who are wanting to enter the market and also
some that are working in the industry. So I just
want to play for you a little bit of what
Tim Lawless from Cotality had to say to us last week.
Speaker 4 (04:31):
These caps were set a few months back, probably around
the middle of the year, I think, and they were
based on the median house values. But Darwin's been going
through such a rapid period of growth. It's the one
capital city where the large majority of suburbs are simply
below that that cap for houses, so it probably does
need a relook in terms of what the pricing threshold
(04:51):
is for this famulus and Darwin.
Speaker 1 (04:53):
So that's obviously tim on the show last week. This
is a little bit of what Ruth Palmer from the
Property Council here in the Northern Territory, we had to say.
Speaker 5 (05:01):
We have seen a quite a big increase in our
median house prices and our sales, a lot of interest
from those buyers, agents and investors coming in because our
rental returns up here are the best in the country
and we've seen that houses aren't even going to market
in some instances. So with this price cap it has
left the territory stuck at six hundred thousand. We probably
(05:21):
do need to see an increase in that because we
are seeing that nextant jump.
Speaker 3 (05:25):
So what do you reckon, Luke.
Speaker 1 (05:27):
I know, even based on what you've just said, it
is something that can be reviewed. When the expansion happened
last week, my understanding, he said, in some of those
other states it was looked at and that price cap
went up.
Speaker 3 (05:39):
Given that more recent data.
Speaker 1 (05:41):
Is it something that you'll be advocating with your federal counterparts,
the Housing Minister for example.
Speaker 2 (05:48):
Yeah, definitely. Cadie will continue to track it and I
often talking to her about our housing needs in the NT.
I just make two points. One is that it was
the weekend's median house price that was five hundred and
fifty eight thousand dollars, which is obviously well under six
(06:09):
hundred thousand the walking.
Speaker 3 (06:10):
Houses or units?
Speaker 1 (06:11):
Are you talking houses, standalone houses or units?
Speaker 2 (06:16):
We've just got the median house price, whether that includes
units or not, but there were a lot of units
available on it.
Speaker 1 (06:24):
It does actually make a big difference, though, Luke. It
does make a big difference because if you're buying a unit,
as you and I know, you know, if you're buying
a unit, then obviously you're in a situation where you've
also got those you know, you're ongoing cosh, you've got
body corp. It could be you know, it could be
seventeen hundred dollars a quarter to two and a half
thousand dollars a quarter. Are some of the figures that
(06:46):
I've been being given by people who are concerned because
they really want to utilize this scheme. And I think
that's the point I want to make is buy and large.
People are saying this is a good scheme. You know,
you and I are lucky enough.
Speaker 3 (06:58):
I'm sure.
Speaker 1 (06:58):
Well, I'm assuming you are to own our own homes
or to have our own homes. But we're talking about
young territorians. We're talking about territorians who want to enter
the market. They're messaging me, they're saying, well, fee, we
need that cap to.
Speaker 3 (07:11):
Go up a bit.
Speaker 2 (07:12):
No, yeah, totally understand, Cody, and half the available homes
and units on the weekend were available for well under
that six hundred thousand dollars. We we'll keep an eye
on it. Literally, if I've.
Speaker 1 (07:25):
Got messages coming through now sort of saying saying to
me that they can't there's nothing available. That there was
eight standalone houses on the weekend. Like I said, you know,
like to me, this is not an issue. It doesn't
impact me in any way. But when I've got people
contacting me saying it impacts them, what all they're asking
for from you is to go to the federal Housing
(07:48):
Minister and have a chat about it.
Speaker 2 (07:50):
Yeah. No, I just made that pretty clear that we're
going to review it. As the data comes in, but
at the moment it's said at an appropriate price for
our situation, not based on that median price. But I'll
definitely be advocating down here for an increase. And I
hear Root's message. I've heard master Builders' message. What we
(08:13):
don't want to do, I suppose, is have young people
really over extend themselves and be left off with loan
of payments that they can't serve us. So we do
want to make sure that it's balanced. At the moment,
it is, and heaps of people are taking advantage of it,
and we'll track it and all right, increase it if
need be.
Speaker 3 (08:33):
Lukey question just coming through.
Speaker 1 (08:35):
I actually just want to take you through a couple
of listener questions because to me, that's the most important
people to hear from is those listeners, so that you
can get a better understanding of how they're feeling.
Speaker 3 (08:43):
One here, High KD.
Speaker 1 (08:44):
Can you ask Luke if he thinks the cap is
good considering you can't get anything rural for that price.
I don't want to live in the city, says that person.
Speaker 2 (08:55):
Yeah, the rural area. I will have another look what's available.
Some people are getting properties in the rural area for that.
But it's really good feedback for taking into account the
rural areas the bigger blocks. So thanks for that feedback.
Speaker 3 (09:15):
All right, another one.
Speaker 1 (09:17):
All this person says, Minister, but obviously luke a listener.
Speaker 3 (09:21):
Sorry.
Speaker 1 (09:22):
This person said, I was really excited about the five
percent deposit scheme and had been saving hard to buy
my first home, but that's all been now soured by
the lack of homes available in Darwin under the price cap.
Add to that, the predictions that home prices will soar
due to the scheme means that I'm likely going to
(09:42):
miss out all together on buying a home by the
time that I've got the full five percent for a deposit.
Speaker 2 (09:49):
Yeah, we're tracking it and we'll make changes to it
if it is that there's first home owners who this
is geared for aren't able to get in the places.
On the weekend, half of the properties available were under
that six hundred thousand dollars mark.
Speaker 3 (10:04):
But I have a look on real estate dot Com.
Speaker 1 (10:07):
If I was you, I'd go have a look on
real estate dot com and have a look at how
many are actually available under that price cap.
Speaker 2 (10:14):
Yeah, people should be reading the paper as well. And
seeing what's available there. But I will get my staff
to do that and let us know how that's tracking,
and we'll keep tracking it and reviewing it as time
goes on. I just yeah, there's other examples from the
other states that you asked about. Yeah, would give if
you wanted to, But yeah, I don't know how much
time we got.
Speaker 1 (10:32):
Well in what context were you wanting to give the
examples of the other states.
Speaker 2 (10:36):
I just sit down in Tazzy. Real estate has taken
off down there, so I think they said it at
seven hundred. Yeah, but it seems down there that the
medium price is well over seven hundred, so there's less
than half of the properties available can be accessed on
the scheme. So I'm just trying to make the point.
(10:58):
I suppose that our medium prize is still well under
the six hundred. So but taking aokcount all the feedback
you've received from something that will keep an eye on and.
Speaker 1 (11:08):
Review, do you reckon you might be able to look
at having those discussions and a review potentially happening?
Speaker 2 (11:16):
Yeah? Can I just quickly make the point, because you know,
we'll track it over time and make changes that are
required and keep in touch with all our stakeholders and
get feedback from you and others. I'm sure, But can
I just flag something that people might not be tracking,
and that's the NT government is saying that six hundred
(11:38):
thousands too low, but their own home build access scheme
has got a cap of five hundred and fifty thousand dollars.
Speaker 1 (11:45):
Well, I appreciate you raising that. That's something that I
can certainly ask them about as I want to make
it really clear to.
Speaker 2 (11:53):
Critical I think you'd agree to have a go at
this fantastic and well performing schedule scheme.
Speaker 1 (11:59):
Actually not interested in who's having to go at this scheme.
What I'm interested in is what territory ends are telling me.
And at the moment, they're really worried about that. They're
worried about.
Speaker 3 (12:09):
That price cap.
Speaker 1 (12:09):
So I would not be doing my job if I
didn't raise that with you.
Speaker 3 (12:15):
So I think a look at it.
Speaker 1 (12:16):
I reckon it's with you. So when do you anticipate
how quickly do you reckon that potentially it could be
reviewed for us.
Speaker 2 (12:25):
We're going to keep tracking what it is, what the
median price is, and whether first home buyers can get
into properties or not. That's the only thing that I'm
interested in. I want to make sure that first home
buyers can get into the properties that are available. Tracking
that just.
Speaker 1 (12:44):
All those stats from a little bit earlier, the one
thy one hundred and eighty seven. Is there any update
from when the expansions sort of happened last week? And
I know it's only a week, so it's really early days,
but are there any numbers on that, Like, are there
any numbers?
Speaker 2 (12:58):
Yeah, as soon as that data comes in, Cady, you'll
be the first to know. I'll let you know, all right.
Speaker 3 (13:04):
Luke Gosling, thanks for your time this morning.
Speaker 2 (13:08):
Thank you.
Last week, we spoke at length about the federal government's
first Home Buyers scheme. The expansion of the home Guarantee
scheme means that there are no income or place limits,
allowing eligible first home buyers to purchase with a five
percent deposit. Now, the scheme's been positively embraced by many,
but here in the Northern Territory there has been some
concerns raised about the six hundred thousand dollars cap. Now,
(00:22):
last week we heard from industry groups who asked for
the federal government to consider raising the cap, as they
have recently done in other states. Now joining us on
the line is the federal Member for Solomon, Luke Gosland.
Good morning to you, Luke. You kady, Yeah, really good,
Thanks so much for your time this morning. Now, Luke,
first off house the scheme being received in the Northern
(00:45):
Territory since the expansion last.
Speaker 2 (00:47):
Week, Yeah, incredibly Well. As one example, we'll go one
data set here, the one eighty seven people in Dearwen
and Parmeerson under the expanded Home Guarantee scheme have got
into their first home utilizing the scheme already, and that
(01:09):
all those homes are obviously under that six hundred thousand
dollars median price that was chosen.
Speaker 1 (01:18):
Sorry, can you just give me the timeframes on that,
because obviously the expansion of the scheme didn't kick off
till last week. But so those oney, one hundred and
eighty seventy is that sort of from when the scheme
initially began.
Speaker 2 (01:30):
Yeah, I haven't got figures since it's been expanded, but
that figure will continue to go up because yeah, a
lot of people. If you have a look at the
last last weekend, for example, the houses and units that
were available, about half of them were available under six
hundred grand. The median price is five hundred and fifty
(01:54):
eight thousand, So all right, gone above.
Speaker 1 (01:56):
Well, I just want to speak about that because week
I do just want to speak about that because we
like as of today, I've been on real estate dot com,
for example, and there are currently eight standalone homes in
Darwin and Palmerston and the Greater Darwin region at six
hundred thousand dollars or less.
Speaker 3 (02:16):
I don't know how many units.
Speaker 1 (02:17):
I'd have to have a look at that, but I
guess the concerns that are being raised at the moment
is that maybe we need a relook at this cap
just in light of recent data over the last couple
of months showing that you know, we fortunately I guess
here in the Northern Territory are having a bit of
a surge when it comes to you know, those prices
(02:39):
finally going up.
Speaker 2 (02:42):
Yeah, and we will review it over time if it
looks like that first home buyers and that's what this
scheme is, helping first home buyers to get into the market.
But the median price means of all the properties that
are available half of them are or the median point
of all those properties available is five hundred and fifty.
Speaker 3 (03:04):
Eight properties are we talking on the market?
Speaker 2 (03:08):
So last weekend for example, I haven't got an exact
number of properties, but of all the properties that were available,
well over half were available fro under that six hundred
thousand dollars mark. The COLPNT government have been advocating for
an increase to that, and this scheme has an ability
(03:29):
to review it if it looks like the first home
buyers aren't getting the chance to enter the market. But
so far we can see that they are. I've talked
to different people like the master builders and others. There
are definitely some developers who wanted to increase because they're
selling house and land packages for above six hundred thousand,
but there are a lot of options both in units
(03:50):
and existing houses out there, and territorians that's happened.
Speaker 1 (03:54):
I might take it through because I agree with you,
like by the sounds of it, and certainly by the
data that you've given us a little bit earlier this morning,
that one one hundred and eighty seven first time buyers
being able to get into the market here in the
Northern Territory. Like they're good numbers, they're really good numbers.
But over the last sort of two weeks, what we're hearing,
and to be honest with you, I'm not overly interested
(04:14):
in what the COLPS said in terms of raising those caps.
More what I'm interested in is what I'm hearing from
people who are wanting to enter the market and also
some that are working in the industry. So I just
want to play for you a little bit of what
Tim Lawless from Cotality had to say to us last week.
Speaker 4 (04:31):
These caps were set a few months back, probably around
the middle of the year, I think, and they were
based on the median house values. But Darwin's been going
through such a rapid period of growth. It's the one
capital city where the large majority of suburbs are simply
below that that cap for houses, so it probably does
need a relook in terms of what the pricing threshold
(04:51):
is for this famulus and Darwin.
Speaker 1 (04:53):
So that's obviously tim on the show last week. This
is a little bit of what Ruth Palmer from the
Property Council here in the Northern Territory, we had to say.
Speaker 5 (05:01):
We have seen a quite a big increase in our
median house prices and our sales, a lot of interest
from those buyers, agents and investors coming in because our
rental returns up here are the best in the country
and we've seen that houses aren't even going to market
in some instances. So with this price cap it has
left the territory stuck at six hundred thousand. We probably
(05:21):
do need to see an increase in that because we
are seeing that nextant jump.
Speaker 3 (05:25):
So what do you reckon, Luke.
Speaker 1 (05:27):
I know, even based on what you've just said, it
is something that can be reviewed. When the expansion happened
last week, my understanding, he said, in some of those
other states it was looked at and that price cap
went up.
Speaker 3 (05:39):
Given that more recent data.
Speaker 1 (05:41):
Is it something that you'll be advocating with your federal counterparts,
the Housing Minister for example.
Speaker 2 (05:48):
Yeah, definitely. Cadie will continue to track it and I
often talking to her about our housing needs in the NT.
I just make two points. One is that it was
the weekend's median house price that was five hundred and
fifty eight thousand dollars, which is obviously well under six
(06:09):
hundred thousand the walking.
Speaker 3 (06:10):
Houses or units?
Speaker 1 (06:11):
Are you talking houses, standalone houses or units?
Speaker 2 (06:16):
We've just got the median house price, whether that includes
units or not, but there were a lot of units
available on it.
Speaker 1 (06:24):
It does actually make a big difference, though, Luke. It
does make a big difference because if you're buying a unit,
as you and I know, you know, if you're buying
a unit, then obviously you're in a situation where you've
also got those you know, you're ongoing cosh, you've got
body corp. It could be you know, it could be
seventeen hundred dollars a quarter to two and a half
thousand dollars a quarter. Are some of the figures that
(06:46):
I've been being given by people who are concerned because
they really want to utilize this scheme. And I think
that's the point I want to make is buy and large.
People are saying this is a good scheme. You know,
you and I are lucky enough.
Speaker 3 (06:58):
I'm sure.
Speaker 1 (06:58):
Well, I'm assuming you are to own our own homes
or to have our own homes. But we're talking about
young territorians. We're talking about territorians who want to enter
the market. They're messaging me, they're saying, well, fee, we
need that cap to.
Speaker 3 (07:11):
Go up a bit.
Speaker 2 (07:12):
No, yeah, totally understand, Cody, and half the available homes
and units on the weekend were available for well under
that six hundred thousand dollars. We we'll keep an eye
on it. Literally, if I've.
Speaker 1 (07:25):
Got messages coming through now sort of saying saying to
me that they can't there's nothing available. That there was
eight standalone houses on the weekend. Like I said, you know,
like to me, this is not an issue. It doesn't
impact me in any way. But when I've got people
contacting me saying it impacts them, what all they're asking
for from you is to go to the federal Housing
(07:48):
Minister and have a chat about it.
Speaker 2 (07:50):
Yeah. No, I just made that pretty clear that we're
going to review it. As the data comes in, but
at the moment it's said at an appropriate price for
our situation, not based on that median price. But I'll
definitely be advocating down here for an increase. And I
hear Root's message. I've heard master Builders' message. What we
(08:13):
don't want to do, I suppose, is have young people
really over extend themselves and be left off with loan
of payments that they can't serve us. So we do
want to make sure that it's balanced. At the moment,
it is, and heaps of people are taking advantage of it,
and we'll track it and all right, increase it if
need be.
Speaker 3 (08:33):
Lukey question just coming through.
Speaker 1 (08:35):
I actually just want to take you through a couple
of listener questions because to me, that's the most important
people to hear from is those listeners, so that you
can get a better understanding of how they're feeling.
Speaker 3 (08:43):
One here, High KD.
Speaker 1 (08:44):
Can you ask Luke if he thinks the cap is
good considering you can't get anything rural for that price.
I don't want to live in the city, says that person.
Speaker 2 (08:55):
Yeah, the rural area. I will have another look what's available.
Some people are getting properties in the rural area for that.
But it's really good feedback for taking into account the
rural areas the bigger blocks. So thanks for that feedback.
Speaker 3 (09:15):
All right, another one.
Speaker 1 (09:17):
All this person says, Minister, but obviously luke a listener.
Speaker 3 (09:21):
Sorry.
Speaker 1 (09:22):
This person said, I was really excited about the five
percent deposit scheme and had been saving hard to buy
my first home, but that's all been now soured by
the lack of homes available in Darwin under the price cap.
Add to that, the predictions that home prices will soar
due to the scheme means that I'm likely going to
(09:42):
miss out all together on buying a home by the
time that I've got the full five percent for a deposit.
Speaker 2 (09:49):
Yeah, we're tracking it and we'll make changes to it
if it is that there's first home owners who this
is geared for aren't able to get in the places.
On the weekend, half of the properties available were under
that six hundred thousand dollars mark.
Speaker 3 (10:04):
But I have a look on real estate dot Com.
Speaker 1 (10:07):
If I was you, I'd go have a look on
real estate dot com and have a look at how
many are actually available under that price cap.
Speaker 2 (10:14):
Yeah, people should be reading the paper as well. And
seeing what's available there. But I will get my staff
to do that and let us know how that's tracking,
and we'll keep tracking it and reviewing it as time
goes on. I just yeah, there's other examples from the
other states that you asked about. Yeah, would give if
you wanted to, But yeah, I don't know how much
time we got.
Speaker 1 (10:32):
Well in what context were you wanting to give the
examples of the other states.
Speaker 2 (10:36):
I just sit down in Tazzy. Real estate has taken
off down there, so I think they said it at
seven hundred. Yeah, but it seems down there that the
medium price is well over seven hundred, so there's less
than half of the properties available can be accessed on
the scheme. So I'm just trying to make the point.
(10:58):
I suppose that our medium prize is still well under
the six hundred. So but taking aokcount all the feedback
you've received from something that will keep an eye on and.
Speaker 1 (11:08):
Review, do you reckon you might be able to look
at having those discussions and a review potentially happening?
Speaker 2 (11:16):
Yeah? Can I just quickly make the point, because you know,
we'll track it over time and make changes that are
required and keep in touch with all our stakeholders and
get feedback from you and others. I'm sure, But can
I just flag something that people might not be tracking,
and that's the NT government is saying that six hundred
(11:38):
thousands too low, but their own home build access scheme
has got a cap of five hundred and fifty thousand dollars.
Speaker 1 (11:45):
Well, I appreciate you raising that. That's something that I
can certainly ask them about as I want to make
it really clear to.
Speaker 2 (11:53):
Critical I think you'd agree to have a go at
this fantastic and well performing schedule scheme.
Speaker 1 (11:59):
Actually not interested in who's having to go at this scheme.
What I'm interested in is what territory ends are telling me.
And at the moment, they're really worried about that. They're
worried about.
Speaker 3 (12:09):
That price cap.
Speaker 1 (12:09):
So I would not be doing my job if I
didn't raise that with you.
Speaker 3 (12:15):
So I think a look at it.
Speaker 1 (12:16):
I reckon it's with you. So when do you anticipate
how quickly do you reckon that potentially it could be
reviewed for us.
Speaker 2 (12:25):
We're going to keep tracking what it is, what the
median price is, and whether first home buyers can get
into properties or not. That's the only thing that I'm
interested in. I want to make sure that first home
buyers can get into the properties that are available. Tracking
that just.
Speaker 1 (12:44):
All those stats from a little bit earlier, the one
thy one hundred and eighty seven. Is there any update
from when the expansions sort of happened last week? And
I know it's only a week, so it's really early days,
but are there any numbers on that, Like, are there
any numbers?
Speaker 2 (12:58):
Yeah, as soon as that data comes in, Cady, you'll
be the first to know. I'll let you know, all right.
Speaker 3 (13:04):
Luke Gosling, thanks for your time this morning.
Speaker 2 (13:08):
Thank you.
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If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
The Breakfast Club
The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy, Jess Hilarious, And Charlamagne Tha God!