Housing market

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

Building approvals

Original data, Number Apr 17 Mar 17 Apr 16 Monthly % change Annual % change
Residential dwelling approvals 76498955.1-14.6
New houses 763277137.5-1.3
Other dwellings (includes alterations, additions and conversions) 01112-100.0 -100.0
Value ($ million) 74.371.6147.73.6-49.7
Residential 37.126.443.4 40.5-14.4
Non residential 37.145.2104.3 -17.9 -64.4

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 Mar 17 Feb 17Mar 16 Monthly % change Annual % change
Total number of home buyers financed 372.0 279.0336.0 33.310.7
Total value of housing finance ($ million) 120.581.1113.748.66.0
Number of first home buyers financed 56.041.039.0 36.643.6
First home buyer average loan size (000s) 294.3317.6309.0-7.3-4.8
Number of non first home buyers financed 316.0 238.0 297.0 32.86.4
Non first home buyer average loan size (000s) 329.2286.1342.115.1-3.8
Average loan size (000s) 323.9290.7338.211.4-4.2
Construction of dwelling 239.6 241.8305.9-0.9-21.7
Purchase of new dwelling 336.6283.3413.218.8-18.5
Purchase of established dwelling 343.7294.5336.216.72.2

Source: ABS Cat No 5609

Dwelling commencements

Original data Dec 16 Sep 16 Dec 15 Previous qtr % change Annual % change
Number of commencements 31324351328.8 -39.0
Houses 23119118720.923.5
Other residential 804331486.0 -74.5
Conversions 2911-77.8-81.8

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 ($) Mar 17Dec 16 Mar 15 Previous qtr % change Annual % change
Darwin overall 530,000 516,250 582,5002.7-9.0
Inner Darwin 667,500 720,000 894,000-7.3-25.3
Darwin North East (Marrara) 649,000 590,000 620,000 10.04.7
Darwin North Coastal (Nightcliff) 580,000 566,250657,500 2.4-11.8
Darwin North (Sanderson) 520,000 515,000 542,500 1.0-4.1
Palmerston 490,000 475,000 515,000 3.2 -4.9
Katherine 349,000 290,000 380,000 20.3-8.2
Tennant Creek 254,000 191,000 365,00033.0-30.4
Alice Springs 487,500 475,000 482,500 2.61.0

Source: Real Estate Institute of Northern Territory (REINT)

Median unit / townhouse sale price, two bedroom unit, value ($) Mar 17Dec 16 Mar 16 Previous qtr % change Annual % change
Darwin overall 430,000 480,000500,000-10.4 -14.0
Inner Darwin 450,000528,329546,585 -14.8-17.7
Darwin North East (Marrara) 360,000 550,000 550,000 -34.5-34.5
Darwin North Coastal (Nightcliff) 430,000 459,000465,000 -6.3-7.5
Darwin North (Sanderson) 375,000285,000 377,500 31.6 -0.7
Palmerston 295,000 390,000 509,000 -24.4 -42.0
Katherine 330,820282,500 260,000 17.127.2
Tennant Creek N/A160,000 N/A N/A N/A
Alice Springs 342,500 315,000 325,000 8.75.4

Source: Real Estate Institute of Northern Territory (REINT)

Median house and unit rental prices

Median house weekly rental, three bedroom house, value ($) Mar 17Dec 16 Mar 16 Previous qtr % change Annual % change
Inner Darwin 600 580 6383.4 -5.9
Darwin North Coastal (Nightcliff) 500 500 510 0.0 -2.0
Darwin North East (Marrara) 450 510 550 -11.8 -18.2
Darwin North (Sanderson) 470 488 500-3.6 -6.0
Palmerston 450 470 475 -4.3 -5.3
Katherine 440 420 430 4.82.3
Alice Springs 490 490 4900.00.0

Source: Real Estate Institute of Northern Territory (REINT)

Median unit weekly rental, two bedroom unit, value ($) Mar 17Dec 16 Mar 16 Previous qtr % change Annual % change
Inner Darwin 450 465 480-3.2 -6.3
Darwin North Coastal (Nightcliff) 375 370 400 1.4 -6.3
Darwin North East (Marrara) 350 380 400 -7.9 -12.5
Darwin North (Sanderson) 360 350 3782.9 -4.6
Palmerston 340 350 370 -2.9 -8.1
Katherine 325 340 330 -4.4-1.5
Alice Springs 363 360 360 0.70.7

Source: Real Estate Institute of Northern Territory (REINT)

Last updated: 07 June 2017