Housing


House prices can be a useful indicator of overall economic activity. This section looks at the analysis of key indicators for the Northern Territory's (NT) residential housing market. This includes the current state and performance of the property market by regions, residential building activity and approvals, house and unit prices, and rental pricing. Analysis on housing affordability based on average incomes, home loans and rentals, and housing-related finance commitments are useful indicators of demand and supply for the NT's property market.

 Infographic showing median unit price Infographic showing weekly house rent Infographic showing weekly unit rent


Key facts | Greater Darwin | Alice Springs | Katherine | Tennant Creek | Capital city comparison | Housing finance commitments | Affordability | Dwelling supply | Explanatory notes

Following a peak in new residential construction activity and supply as well as prices and rents in 2013, the NT housing market has weakened substantially over recent years. A range of indicators, such as building approvals, building activity and housing finance approvals, are below long-term averages.

Accessibility and affordability of residential property in the NT is highly dependent on the supply side responses that boost the stock of housing. Over the past few years, there has been a sustained period of above-average supply in the number of new dwellings in the NT, which has dampened prices.

Lower property prices have improved affordability in many areas and, partly as a result, the number of housing commitments by first home buyers has been increasing steadily. This significant improvement in housing and rental affordability enhances the livability of the NT, and highlights housing is no longer acting as a substantial deterrent to interstate residents moving to the NT.

While lower prices have helped improve affordability for first home buyers, housing finance commitments for non-first home buyers have fallen. In a period of falling property prices, likely reasons for such a decline include a decrease in investor-driven activity, a decrease in resident population and an inability of those who bought at the peak of the market to afford to move.

To help stimulate the current residential market, the NT Government has launched a range of home owner incentives, discounts and grants, which can be viewed on the NTG website.

For further information on residential property prices in the NT, visit:

Key facts

Greater Darwin

In the December quarter 2019:

Alice Springs

In the December quarter 2019:

Katherine

In the December quarter 2019:

Tennant Creek

Data is highly volatile due to the lower sales volume as there are only a small number of properties on the market. Consequently, the Real Estate Institute of the Northern Territory does not report sales, rental prices or vacancy rates for units in Tennant Creek.

In the December quarter 2019:

Capital city comparisons

In the September quarter 2019:

Housing finance commitments

In the year to November 2019:

Affordability

In the June quarter 2019:

Dwelling supply

In the year to December 2019:

In the year to September 2019:

Explanatory notes

NT median house and unit prices and rents are sourced from the Real Estate Institute of the Northern Territory (REINT). REINT groups the regions of Darwin and Palmerston together as Greater Darwin. Darwin is further broken down into zones that cover the following suburbs: