Lending for new homes steadily rises in NT

By Nick Syrimi

It's often said people want what they can't have. That would help explain why property seems to always be in such high demand when inventory is limited.

While this can be great for investors who already own real estate, it can also make purchasing a home much more expensive for home buyers.

Luckily for buyers in the Northern Territory, this doesn't look to be a problem they'll have to face in the coming months.

Citing data from the Australian Bureau of Statistics, the Housing Industry Association (HIA) stated in a June 10 media release that lending for new homes in NT continues to rise. In addition to new properties that have recently been completed, many of these loans were also for the construction of new homes.

"It is encouraging that loans for new dwellings continue to increase in the Northern Territory," HIA Executive Director for NT Robert Harding said.

"These loan figures suggest that a reasonably strong pipeline of new home starts will continue over the coming few months at least."

Along with existing inventory, the construction of new properties for home buyers will continue to make purchasing property in Alawa and other areas in NT more affordable.

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