Housing market

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

Building approvals

Original data, Number May 17 Apr 17 May 16 Monthly % change Annual % change
Residential dwelling approvals 60 76 265 -21.1 -77.4
New houses 58 76 76 -23.7 -23.7
Other dwellings (includes alterations, additions and conversions) 2 0 187 n/a -98.9
Value ($ million) 99.6 74.3 124.4 34.2 -19.9
Residential 30.5 37.1 82.6 -17.8 -63.0
Non residential 69.1 37.1 41.9 86.0 65.1

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 18.3%.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 May 17 Apr 17 May 16 Monthly % Change Annual % Change
Total number of home buyers financed 297.0 273.0 337.0 8.8 -11.9
Total value of housing finance ($ million) 86.5 80.7 105.7 7.1 -18.2
Number of first home buyers financed 50.0 54.0 41.0 -7.4 22.0
First home buyer average loan size (000's) 329.1 293.9 347.5 12.0 -5.3
Number of non first home buyers financed 247.0 219.0 296.0 12.8 -16.6
Non first home buyer average loan size (000's) 283.5 296.2 308.9 -4.3 -8.2
Average loan size (000's) 291.1 295.7 313.6 -1.6 -7.2
Construction of dwelling 265.2 306.2 320.8 -13.4 -17.3
Purchase of new dwelling 397.3 304.0 326.5 30.7 21.7
Purchase of established dwelling 292.8 293.8 311.8 -0.3 -6.1

Source: ABS Cat No 5609

Dwelling commencements

Original data Mar 17 Dec 16 Mar 16 Previous Qtr % Change Annual % Change
Number of commencements 169 338 407 -50.0 -58.5
Houses 149 233 208 -36.1 -28.4
Other residential 17 103 195 -83.5 -91.3
Conversions 3 2 4 50.0 -25.0

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 ($) Jun 17Mar 17Jun 16Previous Qtr % ChangeAnnual % Change
Darwin overall 540 000530 000576 0001.9-6.3
Inner Darwin 800 000667 500768 00019.94.2
Darwin North East (Marrara) 710 000649 000592 5009.419.8
Darwin North Coastal (Nightcliff) 615 000580 000602 5006.02.1
Darwin North (Sanderson) 520 000520 000530 0000.0-1.9
Palmerston 460 000490 000530 000-6.1-13.2
Katherine 340 000349 000399 000-2.6-14.8
Tennant Creek 222 500254 000377 500-12.4-41.1
Alice Springs 430 000487 500467 500-11.8-8.0

Source: Real Estate Institute of Northern Territory (REINT)

Median unit / townhouse sale price, two bedroom unit, value ($) Jun 17Mar 17Jun 16Previous Qtr % ChangeAnnual % Change
Darwin overall 470 000430 000500 2229.3-6.0
Inner Darwin 527 500450 000537 50017.2-1.9
Darwin North East (Marrara) 378 500360 000550 0005.1-31.2
Darwin North Coastal (Nightcliff) 390 000430 000450 000-9.3-13.3
Darwin North (Sanderson) 335 000375 000330 000-10.71.5
Palmerston 345 000295 000385 00016.9-10.4
Katherine 270 000330 820272 500-18.4-0.9
Tennant Creek nana152 500nana
Alice Springs 288 500342 500339 750-15.8-15.1

Source: Real Estate Institute of Northern Territory (REINT)

Median house and unit rental prices

Median house weekly rental, three bedroom house, value ($) Jun 17Mar 17Jun 16Previous Qtr % ChangeAnnual % Change
Inner Darwin 6006006350.0-5.5
Darwin North Coastal (Nightcliff) 480500500-4.0-4.0
Darwin North East (Marrara) 4504505000.0-10.0
Darwin North (Sanderson) 450470480-4.3-6.3
Palmerston 440450460-2.2-4.3
Katherine 420440420-4.50.0
Alice Springs 5004904952.01.0

Source: Real Estate Institute of Northern Territory (REINT)

Median unit weekly rental, two bedroom unit, value ($) Jun 17Mar 17Jun 16Previous Qtr % ChangeAnnual % Change
Inner Darwin 430450450-4.4-4.4
Darwin North Coastal (Nightcliff) 350375390-6.7-10.3
Darwin North East (Marrara) 3703504005.7-7.5
Darwin North (Sanderson) 350360360-2.8-2.8
Palmerston 330340350-2.9-5.7
Katherine 3303253201.53.1
Alice Springs 3803633504.88.6

Source: Real Estate Institute of Northern Territory (REINT)

Last updated: 15 August 2017