Decline in new home building in the Northern Territory

The latest ABS Building Activity data released shows the Northern Territory continues to show weakness in new home building commencements and completions.

The number of new residential dwelling commencements in the NT fell by 22.4 per cent for the December 2015 quarter.

The Property Council of Australia’s NT Director Ruth Palmer said we are seeing strong increases in the value and number of starts for new residential construction work nationally, but activity in the NT isn’t matching national trends,” Ms Palmer said.

“The NT has seen big improvements in the number of new home commencements over the last few years so it’s not a surprise to see the new home commencements are much lower.

“Building home completions also recorded a fall of 30.2 percent.

“Over the long term it is important for the NT to maintain new home starts at or above current levels.

“There are clear indications that there is currently a sufficient level of residential land available and a significant amount readily available land for future requirements. 

“Any new government policy should be focussing on increasing the demand for new housing, which will largely be driving by job and population growth.” 

 

Media: Ruth Palmer |M 0450 428 314  |P 08 8943 0666|E rpalmer@propertycouncil.com.au