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HIA: Lending for New Homes in NT Remains Strong

By Alicia Jarrett

People looking to invest in real estate in Darwin may be encouraged by recent figures from the Australian Bureau of Statistics (ABS).

In an August 7 media release, the Housing Industry Association (HIA) revealed statistics from the ABS that showed lending for new homes in the Northern Territory grew during June.

The number of loans for new dwellings increased by 32.6 per cent compared to May, although the figure was slightly lower than in the same time last year.

Combined with the cut in the official cash rate last week, the news will be further encouragement for those looking to buy or build new property in Darwin and other cities in the Northern Territory.

"The ABS data released today shows that the NT continues to deliver a solid performance in terms of the new home market," said Robert Harding, HIA executive director for the Northern Territory.

"The strong growth in economic activity, employment and population in the Territory will see that demand for housing will continue to grow strongly."

However, Mr Harding also outlined some problems the region will need to address as a result of this trend.

"Growing demand for housing in the NT highlights the need for land supply issues to be tackled urgently," he said, adding that the lack of suitable land for home building was "a serious constraint on future development."

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