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Northern Territory Shows Strong Improvements in Housing Commencements

The property market in the Northern Territory has proven itself to be robust, as the territory showed the strongest growth in housing starts in Australia in 2012, according to a release by the Housing Industry Association (HIA).

Released for the autumn 2013 edition of the Northern Territory Outlook, the report highlights the strength in property in Darwin and throughout the region.

Commencements in 2012 were up to 1,820 from just 1,200 in 2011, which is a good improvement according to HIA executive director for the NT Robert Harding, who was positive about the statistics.

"The growth that we've just seen is an entirely necessary start to improving the current situation in the Territory's housing market," he said.

In a report from the Australian Bureau of Statistics, data showed that Darwin's population was quickly growing, with the suburbs of Rosebery – Bellamack up ten per cent from 2011 – 2012, and Lyons up six per cent.

On these growths and the situation for real estate, Mr Harding said: "in the current context of accelerating population growth adding pressure to what has already been a tight housing market, we will need to see improvements that as yet don't appear forthcoming."

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