Housing market

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

Building approvals

Original data, Number Aug 17 Jul 17 Aug 16 Monthly % change Annual % change
Residential dwelling approvals 97547379.632.9
New houses 55486214.6 -11.3
Other dwellings (includes alterations, additions and conversions) 38490 n/a 322.2
Value ($ million) 69.673.750.8-5.637.0
Residential 35.627.435.429.70.4
Non residential 34.046.215.3-26.5121.7

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 -23.7% and the maximum 35.0%; typically building approvals growth ranges between -9.3% and 9.6%. In August 2017, monthly building approvals decreased -9.1%.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 Jul 17 Jun 17 Jul 16 Monthly % Change Annual % Change
Total number of home buyers financed 272.0 309.0 290.0 -12.0-6.2
Total value of housing finance ($ million) 79.0100.288.6-21.1-10.9
Number of first home buyers financed 57.0 71.0 54.0 -19.75.6
First home buyer average loan size (000's) 278.8326.0268.3-14.53.9
Number of non first home buyers financed 215.0238.0236.0-9.7 -8.9
Non first home buyer average loan size (000's) 293.5323.6314.0-9.3-6.5
Average loan size (000's) 290.4324.1305.5-10.4-4.9
Construction of dwelling 283.5309.4294.5-8.4-3.7
Purchase of new dwelling 349.7254.0204.437.771.1
Purchase of established dwelling 289.2329.1313.5-12.1-7.8

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 n/an/a152,500n/an/a
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: 12 October 2017