Northern Territory Treasurer David Tollner
Strengthening Housing Confidence In The NT
Victor P Taffa
Housing confidence in the Territory continues to strengthen with recent figures indicating that housing finance commitments are growing at a faster rate.
The latest House Price Index also shows increased confidence in the greater Darwin property market.
Treasurer David Tollner said these latest reports were a good sign for the housing market following the high level of economic activity happening in the NT, and reflected the strong demand for housing across the board.
“The Country Liberals Government is getting the housing market back on track and easing the rental crisis created by Delia Lawrie’s former government.” Mr. Tollner said.
“Land supply lagged under Delia Lawrie’s watch. An audit of government land has so far identified 70 sites across the Territory with the potential for more than 2,700 dwellings.”
In 2012-13, housing finance commitments in the Territory increased by 8.7 % to 4,342, the second highest growth rate of the jurisdictions behind Western Australia. Nationally, commitments increased by 3.3 % over the same period.
Housing finance commitments excluding refinancing also grew at a faster rate, increasing by 13.1 % to 3110 in 2012-13.
In 2012-13, the number of commitments by first home buyers increased by 9.8 % while the number of non-first home buyer commitments increased by 14.6 % over the same period.
Commitments for the construction of new dwellings were also up by 12.6 % in 2012-13 which demonstrates the number of new homes about to come onto the market.
“These figures speak for themselves, and as a government we will continue to support Territorians who are wishing to get into the property market and ease the rental situation.” Mr. Tollner said.
In this year’s budget, more than $270 Million was committed to increasing housing opportunities for Territorians, including a head leasing rental initiative for the Real Housing for Growth plan.
“The head lease provides developers with an income guarantee for 10 years and will encourage developers to build rental properties suitable for lower income earners.” Mr. Tollner said.
“The Country Liberals Government has accelerated land release and provides the HomeBuild Access home loan program that offers Territorians low deposit loans or subsidised interest rates.”