The Northern Territory's housing market has entered a boom phase, with the latest market indicators pointing to substantial growth, according to the Territory's latest government report.
The figures show a 77% increase in sales over the period January to May. That translates to 772 transactions – far more than the 435 sales recorded during the same period last year.
“No doubt, the territory is booming. We are seeing more and more people choosing to buy their own piece of land, whether it's building a new house or moving into an existing house, "said Michael. Gunner, Chief Minister of the Northern Territory.
The growing demand for housing in the territory, particularly in its capital, has led to a sharp rise in prices. In fact, separate figures from CoreLogic show that the median home price in Darwin increased 3% per month and 11.2% per year in May to reach $ 970,355.
The territory also saw residential building permits doubling over the same five-month period, from 165 to 321. This growth represents an economic contribution of approximately $ 169 million.
"It also means a lot of work for the local construction industry, which also spills over to other businesses to keep the economy going," Gunner said. “We have more land releases on the horizon for Holtze and Kowandi Territorials to ensure we meet demand and continue to grow the population and the economy. "
Housing investment in the territory also increased, up 1.7% in the March quarter. On an annual basis, the Northern Territory recorded the largest increase in housing investment with 37% to $ 718 million.
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