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Comeback Capital's Housing Boom

Office of the Chief Minister

House sales have surged by 77 per cent compared to last year, the Territory Labor Government announced today.  

From January to May, there were 772 purchases of homes recorded, compared to 435 for the same period in 2020.

In 2019, there were 478 sales and 423 in 2018.

In more good news for the economy residential home approvals have doubled in the Territory in the last year.

From January to May there were 321 residential building approvals – up from 164 approvals in the same period last year.

These approvals have an estimated construction value of around $169 million to the Territory economy.

In 2019, there were 181 residential building approvals and in 2018 there were 214 approvals.

In addition, seasonally adjusted dwelling investment increased by 1.7% to $178 million in the March quarter, and in the year to March, dwelling investment increased by 37% to $718 million, which is the largest increase in the nation.

Over 3,600 applications for the Territory Home Owner Discount program have been approved since the scheme commenced in February 2019.

Territorians are reminded this initiative wraps up at the end of this month, and for more information can visit: https://nt.gov.au/property/home-owner-assistance/territory-home-owner-discount.

 

Chief Minister Michael Gunner:

“There’s no doubt about it – the Territory is booming.

“We are seeing more and more people choosing to purchase their own patch of the Territory – whether that’s building a new home or moving into an existing one.

“This also means plenty of work for the local construction industry, which is also flowing onto other businesses to keep the economy rolling.

“We have further land release on the horizon for Territorians in Holtze and Kowandi, to ensure we keep up with demand, and keep growing the Territory population and economy.”