Housing market

Information about the Northern Territory's housing market, including building approvals and how homes are financed.

Building approvals

Original data, Number   Feb 17 Jan 17 Feb 16 Monthly % change Annual % change
Residential dwelling approvals 47 99 140 -52.5 -66.4
New houses 33 59 72-44.1 -54.2
Other dwellings (includes alterations, additions and conversions) 12 40 66 -70.0 -81.8
Value ($ million) 34.5 53.8 85.1 -35.9 -59.5
Residential 17.3 32.7 44.4 -47.2 -61.1
Non residential 17.2 21.140.7 -18.3 -57.8

Source: ABS Cat No 8731

Building approvals range, minimum / maximum and current value

Building approvals - monthly data: Since 2000, the minimum monthly change in Northern Territory building approvals has been -24.2% and the maximum 35.0%; typically building approvals growth ranges between -9.3% and 9.6%. In March 2017, monthly building approvals decreased 13%.Building approvals - YonY data: Year on year building approvals growth has been declining for the past two years, after a period of strong growth.

Housing finance

Original data Jan 17 Dec 16 Jan 16 Monthly % change Annual % change
Total number of home buyers financed 224.0 313.0 276.0 -28.4 -18.8
Total value of housing finance ($ million) 73.6101.6 82.2 -27.5 -10.5
Number of first home buyers financed 31.0 48.0 46.0 -35.4 -32.6
First home buyer average loan size (000s) 321.3 296.9 331.8 8.2 -3.2
Number of non first home buyers financed 193.0 265.0 230.0 -27.2 -16.1
Non first home buyer average loan size (000s) 329.6 329.4 291.1 0.1 13.2
Average loan size (000s) 328.5 324.4 297.8 1.3 10.3
Construction of dwelling 281.3 270.4 291.2 4.0 -3.4
Purchase of new dwelling 380.1 263.7 295.5 44.1 28.6
Purchase of established dwelling 330.4 332.1 299.9 -0.5 10.2

Source: ABS Cat No 5609

Dwelling commencements

Original data Sep 16 Jun 16 Sep 15 Previous qtr % change Annual % change
Number of commencements 237 238 429 -0.4 -44.8
Houses 192 213 280 -9.9 -31.4
Other residential 36 22 141 63.6 -74.5
Conversions 9 4 8 125.0 12.5

Source: ABS Cat No 8752

Housing loan affordability

Affordability indicator   Dec 16 Sep 16 Dec 15 Previous qtr % change Annual % change
Northern Territory 46.2 51.1 47.1 -9.6 -1.9
Australia 32.9 33.9 30.9 -2.9 6.5

Source: Real Estate Institute of Australia (REIA)

Rental affordability

Proportion of median weekly family income required to rent a three bedroom house (%) Dec 16 Sep 16 Dec 15 Previous qtr % change Annual % change
Northern Territory 24.5 24.7 26.8 -0.8 -8.6
Australia 24.4 24.2 24.6 0.8 -0.8

Source: Real Estate Institute of Australia (REIA)

Median house and unit prices

Median house sale price, three bedroom house, value ($) Dec 16 Sep 16 Dec 15 Previous qtr % change Annual % change
Darwin overall 516,250 550,000 608,750 -6.1 -15.2
Inner Darwin 720,000 760,000 825,000 -5.3 -12.7
Darwin North East (Marrara) 590,000 770,000 757,500 -23.4 -22.1
Darwin North Coastal (Nightcliff) 566,250 600,000 685,000 -5.6 -17.3
Darwin North (Sanderson) 515,000 550,000 535,000 -6.4 -3.7
Palmerston 475,000 485,000 540,000 -2.1 -12.0
Katherine 290,000 335,000 397,000 -13.4 -27.0
Tennant Creek 191,000 235,000 256,800 -18.7 -25.6
Alice Springs 475,000 423,500 467,500 12.2 1.6

Source: Real Estate Institute of Northern Territory (REINT)

Median unit / townhouse sale price, two bedroom unit, value ($)   Dec 16 Sep 16 Dec 15 Previous qtr % change Annual % change
Darwin overall 480,000 460,000 490,000 4.3 -2.0
Inner Darwin 528,329 535,000 497,500 -1.2 6.2
Darwin North East (Marrara) 550,000 550,000 360,000 0.0 52.8
Darwin North Coastal (Nightcliff) 459,000 460,000 457,500 -0.2 0.3
Darwin North (Sanderson) 285,000 385,000 360,000 -26.0 -20.8
Palmerston 390,000 440,000 455,000 -11.4 -14.3
Katherine 282,500 N/A 290,000 N/A -2.6
Tennant Creek 160,000 290,000 N/A -44.8 N/A
Alice Springs 315,000 260,500 333,500 20.9 -5.5

Source: Real Estate Institute of Northern Territory (REINT)

Median house and unit rental prices

Median house weekly rental, three bedroom house, value ($) Dec 16 Sep 16 Dec 15 Previous qtr % change Annual % change
Inner Darwin 580 530 637 9.4 -8.9
Darwin North Coastal (Nightcliff) 500 520 520 -3.8 -3.8
Darwin North East (Marrara) 510 560 540 -8.9 -5.6
Darwin North (Sanderson) 488 480 515 1.6 -5.3
Palmerston 470 468 495 0.5 -5.1
Katherine 420 420 450 0.0 -6.7
Alice Springs 490 480 490 2.1 0.0

Source: Real Estate Institute of Northern Territory (REINT)

Median unit weekly rental, two bedroom unit, value ($) Dec 16 Sep 16 Dec 15 Previous qtr % change Annual % change
Inner Darwin 465 450 485 3.3 -4.1
Darwin North Coastal (Nightcliff) 370 388 400 -4.5 -7.5
Darwin North East (Marrara) 380 395 400 -3.8 -5.0
Darwin North (Sanderson) 350 350 395 0.0 -11.4
Palmerston 350 350 380 0.0 -7.9
Katherine 340 330 320 3.0 6.3
Alice Springs 360 360 370 0.0 -2.7

Source: Real Estate Institute of Northern Territory (REINT)

Last updated: 13 April 2017