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Territory’s Building Approvals Boom

If you are looking to buy property in Darwin in the not-too-distant future you might be interested to hear that building approvals have gone "through the roof" in the last 13 months.

New figures released on January 9 the Bureau of Statistics show building levels in the Northern Territory have reached levels not seen since the boom of 1998.

This is good news if you are thinking of purchasing real estate in Darwin as the laws of supply and demand imply that housing prices could go down as a result of more property being available.

Dwelling approvals in the state were up by 0.2 per cent in November, which is the 14th month in a row the state has seen an increase.

The trend number of approvals reached 185 creating a boom which indicates great confidence in the Territory's economy.

The value of non-residential approvals also increased substantially, by around 69 per cent which is great for the local economy.

An increase in building construction means the region might feature more job opportunities, promoting local spending.

"With the government's large land release agenda in 2014 and many existing projects nearing completion I expect to see these figures continue to increase in the months ahead," said Minister for Business David Tollner.

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