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Property News

Rise in Territorians buying a house

May 15, 2012

More people in the Northern Territory have been successful at buying a house, latest figures from the Australian Bureau of Statistics (ABS) show.

Finance commitments in the state increased by 22.8 per cent, which treasurer Delia Lawrie believes is a sign of confidence in the economy and that people are taking advantage of land release.

"The Territory economic future is extremely bright, with growth tipped by Access economics to be the second fastest in Australia at an average of 4.4 per cent over the next five years," she continued.

Ms Lawrie explained that first time buyer activity has also increased across the region, as the number of housing finance commitments granted to them increased by 24 per cent.

This compares to a national figure of just 6.3 per cent, making it the highest level seen since October 2009.

Buyers could be attracted to the Northern Territory due to its buoyant jobs market, as data from ANZ Bank shows that the number of positions advertised in newspapers increased by 54.8 per cent in April.

It was the only jurisdiction in Australia to have posted an increase, Ms Lawrie acknowledged.

 



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