8 December 2004
Housing Finance figures Continue to Grow
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Syd Stirling MLA
Treasurer
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Housing finance commitments in the Territory rose by 22.5% in the year to October, the strongest growth of all jurisdictions, Treasurer Syd Stirling said today.
Mr Stirling said ABS data recorded the number of commitments rising to 5566 in the year to October 2004, from 4545 in the previous year.
Nationally, the number of commitments was down -7.7% in the year.
“The corresponding value of Territory commitments in the year to October 2004 rose 46% as a result of stronger prices growth,” Mr Stirling said.
“The value of these commitments was more than $911 million, compared to $624 million the previous year.”
Mr Stirling said, despite moving into the traditionally slower Wet Season, housing finance commitments still rose in the month of October.
“Trend commitments in October in the Territory were up 4% to 574, compared to 0.1% nationally.
“Territory homes remain the most affordable in Australia and people continue to invest in them at a record rate.
“Government stamp duty incentives, as well as the recently revamped HomeNorth scheme, have also helped to support the recovery of the housing market in the Territory over the past two years.
“In fact, the level of activity currently in the real estate and housing markets has exceeded all expectations.
“Government will continue to provide assistance to homebuyers to encourage more Territorians to invest in their own homes.”