Housing Outlook for the NT

Real estate in Darwin and the Northern Territory (NT) has seen an improvement with some growth in housing having been recorded in 2012.

The Housing Industry Association released its Autumn 2013 edition of its Northern Territory Outlook, which outlines housing industry growth in the region.

This growth is somewhat in contrast to a nationally challenging real estate environment.

"The growth that we’ve just seen is an entirely necessary start to improving the current situation in the Territory’s housing market," HIA executive director, Northern Territory, Robert Harding.

"This latest update shows the strongest growth in housing starts among all the jurisdictions in 2012 was in the Northern Territory. Encouragingly, it also shows some signs that housing activity is climbing out of the unsustainably low levels that have characterised the past decade."

In 2012, new housing starts went up by 51.2 per cent in NT - the highest level for NT in almost 15 years.

However, this growth rate is likely to decline again, and more improvements need to be made within the industry to meet the demands of accelerating population growth.

Some of the issues the Northern Territory faces is a lack of land supply, as well as credit conditions for NT residents.

Mr Harding suggests that these issues need immediate recognition and action from all levels of government.