Boom in residential property approvals in NT
The Northern Territory has reached its highest annual level of residential property building approvals in a decade with a 61.9 per cent growth over the last year.
In March alone, approvals were up to 199, whereas a year ago the figure was just 30, according to minister for lands, planning and the environment, Peter Chandler.
Similarly, there were 261 residential dwellings approved in February this year, but only 41 during the same month in 2012.
This is great news for anyone looking at buying a property in the territory in the future, as more properties can mean more choice and often greater affordability.
Mr Chandler is ecstatic about the territory's growth, especially as it defies the national trend of building approval decreases to March.
"The boom in building shows that business has confidence in the way the Country Liberals Government is driving the economy and draws attention to the strengthening of population growth as more jobs are created," he said in a statement on May 2.
According to a report early this year from the Property Council on the strong sentiment in the area, the outlook for the 2013 property market in the territory is "positive".