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 Aug 17 Jul 17 Aug 16 Monthly % change Annual % change
Total number of home buyers financed 293.0 272.0 298.0 7.7-1.7
Total value of housing finance ($ million) 80.279.098.41.5-18.5
Number of first home buyers financed 60.0 57.0 47.0 5.327.7
First home buyer average loan size (000's) 302.4278.8315.38.5-4.1
Number of non first home buyers financed 233.0215.0251.08.4 -7.2
Non first home buyer average loan size (000's) 266.2293.5332.9-9.3-20.0
Average loan size (000's) 273.6290.4330.1-5.8-17.1
Construction of dwelling 278.0283.5279.6-1.9-0.6
Purchase of new dwelling 315.8349.7293.2-9.77.7
Purchase of established dwelling 270.9289.2342.5-6.3-20.9

Source: ABS Cat No 5609

Dwelling commencements

Original data Jun 17 Mar 17Jun 16 Previous qtr % change Annual % change
Number of commencements 169 211238-19.9-29.0
Houses 151149 2131.3 -29.1
Other residential 135822 -77.6 -40.9
Conversions 53 4 66.725.0

Source: ABS Cat No 8752

Housing loan affordability

Affordability indicator Jun 17Mar 17Jun 16 Previous qtr % change Annual % change
Northern Territory 49.247.445.33.88.6
Australia 31.8 32.9 32.1 -3.3-0.9

Source: Real Estate Institute of Australia (REIA)

Rental affordability

Proportion of median weekly family income required to rent a three bedroom house (%) Jun 17Mar 17Jun 16 Previous qtr % change Annual % change
Northern Territory 23.123.725.1 -2.5 -8.0
Australia 24.3 24.9 24.8-2.4 -2.0

Source: Real Estate Institute of Australia (REIA)

Median house and unit prices

Median house sale price, three bedroom house, value ($) Sep 17Jun 17Sep 16Previous qtr % changeAnnual % change
Darwin overall 495,000540,000550,000-8.3-10.0
Inner Darwin 760,000800,000760,000-5.00.0
Darwin North East (Marrara) 675,000710,000770,000-4.9-12.3
Darwin North Coastal (Nightcliff) 615,000615,000600,0000.02.5
Darwin North (Sanderson) 461,500520,000550,000-11.3-16.1
Palmerston 460,000460,000485,0000.0-5.2
Katherine 310,000340,000335,000-8.8-7.5
Tennant Creek 282,500222,500235,00027.020.2
Alice Springs 476,500430,000423,50010.812.5

Source: Real Estate Institute of Northern Territory (REINT)

Median unit / townhouse sale price, two bedroom unit, value ($) Sep 17Jun 17Sep 16Previous qtr % changeAnnual % change
Darwin overall 405,000470,000460,000-13.8-12.0
Inner Darwin 465,833527,500535,000-11.7-12.9
Darwin North East (Marrara) 550,000378,500550,00045.30.0
Darwin North Coastal (Nightcliff) 310,000390,000460,000-20.5-32.6
Darwin North (Sanderson) 315,000335,000385,000-6.0-18.2
Palmerston 325,000345,000440,000-5.8-26.1
Katherine 320,000270,000n/a18.5n/a
Tennant Creek n/an/a290,000n/an/a
Alice Springs 320,000288,500260,50010.922.8

Source: Real Estate Institute of Northern Territory (REINT)

Median house and unit rental prices

Median house weekly rental, three bedroom house, value ($) Sep 17Jun 17Sep 16Previous qtr % changeAnnual % change
Inner Darwin 590600530-1.711.3
Darwin North Coastal (Nightcliff) 4804805200.0-7.7
Darwin North East (Marrara) 440450560-2.2-21.4
Darwin North (Sanderson) 4504504800.0-6.3
Palmerston 430440468-2.3-8.0
Katherine 4304204202.42.4
Alice Springs 5155004803.07.3

Source: Real Estate Institute of Northern Territory (REINT)

Median unit weekly rental, two bedroom unit, value ($) Sep 17Jun 17Sep 16Previous qtr % changeAnnual % change
Inner Darwin 4304304500.0-4.4
Darwin North Coastal (Nightcliff) 3503503880.0-9.7
Darwin North East (Marrara) 3853703954.1-2.5
Darwin North (Sanderson) 340350350-2.9-2.9
Palmerston 325330350-1.5-7.1
Katherine 3503303306.16.1
Alice Springs 370380360-2.62.8

Source: Real Estate Institute of Northern Territory (REINT)

Last updated: 28 November 2017