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NT Building Approvals ‘Highest Since 1999’

Residential building approvals in the Northern Territory have proved especially strong in recent months and have reached their highest level since August 1999.

This is according to analysis of figures from the Australian Bureau of Statistics (ABS), which showed that in the year to February 2013m the number of approvals increased by 68.7 per cent.

As a result, the Northern Territory is now well ahead of other jurisdictions, which is likely to prove good news for real estate in Darwin and other areas.

Commenting on the figures, minister for business David Tollner said that the Northern Territory is currently entering a period of economic and population growth.

He said: "Our economy is growing at a fast rate and the Territory is facing an exciting time.

"This news will help address housing affordability and put people in homes. We're about doing what's right for the Territory."

This growth was primarily driven by a 111.4 per cent rise in other residential building approvals, which covers properties such as units, townhouses and flats.

Other recent figures from SQM Research showed that advertisements for property in Darwin experienced a 5.8 per cent rise in March when compared to the previous month.

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