Housing market

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

Building approvals

Original data, number Feb 19 Jan 19 Feb 18 Monthly % change Annual % change
Residential dwelling approvals 44235791.3-22.8
New houses 31 23 49 34.8 -36.7
Other dwellings (includes alterations, additions and conversions) 2 0 4 n/a -50.0
Value ($ million) 81.228.760.4182.734.4
Residential 22.8 11.9 31.4 91.6 -27.5
Non residential 58.4 16.8 29.0 247.1 101.6

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 -91.1 per cent and the maximum 467.9 per cent; typically building approvals growth ranges between -52.4 per cent and 111.1 per cent. In February 2019, building approvals increased 91.3 per cent.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

Owner occupier, original data Jan 19 Dec 18 Jan 18 Monthly % change Annual % change
Type      
Number of commitments 214 246 239 -13.0 -10.5
- Total excluding refinancing 172 195 198 -11.8 -13.1
First home buyer 60 85 64 -29.4 -6.3
Non first home buyer (excluding refinancing) 112 110 134 1.8 16.4
Refinancing of established dwellings 42 51 41 -17.6 2.4
Purpose     
New dwellings (including construction and new dwelling purchases) 72 89 92 -19.1 -21.7
Purchase of established dwelling (including refinancing) 142 157 147 -9.6 -3.4
Total value, all types ($million)       
Excluding refinancing 64.33 72.86 66.25 -11.7 -2.9
Including refinancing 54.41 55.64 56.29 -2.2 -3.4

Source: ABS Cat No 5609

Dwelling commencements

Original data Dec 18 Sep 18 Dec 17 Previous qtr % change Annual % change
Number of commencements 140205177-31.7-20.9
Houses 119 176 148-32.4 -19.6
Other residential 14 28 24 -50.0 -41.7
Conversions 7 1 4 600.0 75.0

Source: ABS Cat No 8752

Housing loan affordability

Affordability indicator Dec 18 Sep 18 Dec 17 Previous qtr % change Annual % change
Northern Territory 51.5 47.8 47.9 7.7 7.5
Australia 32.0 32.1 31.6 -0.3 1.3

Source: Real Estate Institute of Australia (REIA)

Rental affordability

Proportion of median weekly family income required to rent a three bedroom house (%) Dec 18 Sep 18 Dec 17 Previous qtr % change Annual % change
Northern Territory 21.3 20.0 23.1 6.5 -7.8
Australia 24.0 23.9 24.5 0.4 -2.0

Source: Real Estate Institute of Australia (REIA)

Median house and unit prices

Median house sale price, three bedroom house, value ($) Mar 19 Dec 18 Mar 18 Previous qtr % change Annual % change
Darwin overall 502,500 493,750 505,000 1.8 -0.5
Inner Darwin 660,000 675,000 687,500 -2.2 -4.0
Darwin North East (Marrara) 565,000 630,000 580,000 -10.3 -2.6
Darwin North Coastal (Nightcliff) 580,000 555,000 560,000 4.53.6
Darwin North (Sanderson) 492,500 485,000 451,500 1.5 9.1
Palmerston 445,000 447,000 450,000 -0.4 -1.1
Katherine 335,000 312,000 310,000 7.48.1
Tennant Creek 221,000 180,000 151,000 22.8 46.4
Alice Springs 457,000 475,000 467,000 -3.8 -2.1

Source: Real Estate Institute of Northern Territory (REINT)

Median unit / townhouse sale price, two bedroom unit, value ($) Mar 19Dec 18 Mar 18 Previous qtr % change Annual % change
Darwin overall 314,255 350,000 347,500 -10.2 -9.6
Inner Darwin 330,000 355,000 410,000 -7.0 -19.5
Darwin North East (Marrara) 418,000 332,500 323,500 25.7 29.2
Darwin North Coastal (Nightcliff) 309,750 377,500 310,000 -17.9-0.1
Darwin North (Sanderson) 244,500 279,000 340,000 -12.4 -28.1
Palmerston 274,500 287,000 274,000 -4.4 0.2
Katherine 220,000 n/a n/a n/a n/a
Tennant Creek 430,000 n/a 171,500 n/a 150.7
Alice Springs 325,000 327,500 325,000 -0.8 0.0

Source: Real Estate Institute of Northern Territory (REINT)

Median house and unit rental prices

Median house weekly rental, three bedroom house, value ($) Mar 19 Dec 18 Mar 18 Previous qtr % change Annual % change
Inner Darwin 563 550 560 2.3 0.4
Darwin North Coastal (Nightcliff) 455 470 495-3.2 -8.1
Darwin North East (Marrara) 425 470 440-9.6 -3.4
Darwin North (Sanderson) 420 410 450 2.4 -6.7
Palmerston 410 400 440 2.5 -6.8
Katherine 420 400 410 5.02.4
Alice Springs 505 520 500 -2.9 1.0

Source: Real Estate Institute of Northern Territory (REINT)

Median unit weekly rental, two bedroom unit, value ($) Mar 19 Dec 18 Mar 18 Previous qtr % change Annual % change
Inner Darwin 360 380 430 -5.3 -16.3
Darwin North Coastal (Nightcliff) 320 330 350 -3.0 -8.6
Darwin North East (Marrara) 300 365 380 -17.8 -21.1
Darwin North (Sanderson) 300 320 340 -6.3 -11.8
Palmerston 300 305 330 -1.6 -9.1
Katherine 310 330 315 -6.1 -1.6
Alice Springs 370 390 390 -5.1 -5.1

Source: Real Estate Institute of Northern Territory (REINT)

Last updated: 10 May 2019