Building approvals in Northern Territory surge
The latest Australian Bureau of Statistics data revealed that the Northern Territory has bucked the trend with record growth in building approvals amid a national weakening in the construction sector.
Recent results released on July 3 showed that the Northern Territory experienced significant growth in building approvals - indicating residential property in the region could be set to boom.
Treasurer Delia Lawrie said the latest ABS results displayed a positive trend for the territory, despite the government recently announcing plans to abolish the $10,000 BuildBonus grant - an incentive for first time buyers.
Ms Lawrie said: "In trend terms, 177 residential building approvals were granted in May; the highest monthly result in over a decade, showing more territorians are buying their own homes or investing."
The surge in Northern Territory building approvals represented an 82.5 per cent increase since May 2011, compared to a national fall in trend terms by 6.4 per cent.
"It is a great sign that families, couples and workers are confident in the territory's bright future and taking the plunge to invest and live here, helped by the territory government's extensive homebuyer assistance initiatives, the most generous in the nation," Ms Lawrie commented.