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Strong Improvement in NT Home Lending

There has been a rise in the number of people applying for home loans to purchase property in Darwin, the latest Australian Bureau of Statistics (ABS) figures reveal.

The total number of loans to owner occupiers in the three months to February increased 8.1 per cent when compared to the same period of last year.

During this period, there was a large improvement in the number of loans for the purchase and construction of new properties, which increased by 53.3 per cent.

Robert Harding, regional director of the Housing Industry Association in the Northern Territory, described these latest results as "pleasing".

He continued: "New home lending made some strong improvements at the end of 2012, after which, we saw levels ease off a little.

"It's encouraging to now see a strong monthly result, however we need to see these improvements sustained."

Mr Harding emphasised that it will become increasingly important for housing and planning policies across the region to ensure that the needs of the population are met.

These results support predictions from Australian Property Investor, which recently suggested that the Darwin property market has set itself up for a strong year due to improvements in the national economy.

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