Small home alternatives boost Northern Territory building approvals
Building approvals for units, townhouses and flats are the main driver behind figures that place ...
Building approvals for units, townhouses and flats are the main driver behind figures that place the Northern Territory well above the rest of the country for building approval growth.
In a report from the Australian Bureau of Statistics, the year to February 2013 showed a growth of 68.7 per cent to 2066 for building approvals in the Northern Territory.
This signifies the highest annual level for the Territory since August 1999.
Minister for business David Toller said "this news will help address housing affordability and put people in homes. We're about doing what's right for the Territory".
This means buying a house in the Territory could soon become more feasible as the number of residential properties grow.
These figures come just after yesterday's news (April 8) that the Australian Performance Construction Index (PCI) was down in March as it continued to slump.
However as Tollner points out, the growth is in building approvals is also due to extra projects being approved for commercial properties, such as the "INPEX Ichthys LNG project, the new Darwin correctional precinct and several large multi-unit developments".
As confidence peaks in the Northern Territory, first home buyers and commercial investors alike can look forward to increased opportunities in the near future.