Potential housing shortage in Northern Territory
Recent figures from the Australian Bureau of Statistics reveal that residential housing approvals are down in the Northern Territory – a condition that is causing concern for certain bodies of the nation’s property industry.
Total figures reveal that approvals have fallen by 13.3 per cent in March to be down 32.5 per cent since the same time last year.
The Housing Industry Association (HIA) is deeply concerned that the drop will affect housing as the economy experiences rapid growth.
HIA state executive director Robert Harding reported that building approvals are 45 per cent below average.
“The Northern Territory is about to experience an unprecedented level of investment as the Inpex project gets underway.
“A growing population and recent unwise legislative changes will see immense pressures on the already strained demand for housing,” he suggested.
Those considering property investment in the region may benefit from the potential housing shortage – as more residents flock to the area for employment and commercial opportunities, greater is the demand for rental accommodation.
Recent figures confirm the availability of jobs in the NT – data released yesterday (May 8) by ANZ Bank shows that job advertisements rose in the territory by 54.8 per cent in April.
As the only jurisdiction to report such an increase, government officials have described the state as the place to be if you are looking for employment.
“While southern states are shedding jobs, the Territory economy continues to create employment opportunities for locals while luring the interstate workforce vital as we gear up for growth,” said treasurer Delia Lawrie.
New property ventures have the potential to yield high returns, as people come to the area in search of employment prospects and are met with housing shortage conditions leading to reduced housing options.