During August, the Northern Territory saw a steady number of home loans taken out across the region, with the latest Housing Industry Association (HIA) data illustrating the strong activity, which was well ahead of the same period last year. This insight inspires confidence and offers owners of commercial property in the Northern Territory new opportunities for local economic growth.
For example, during August, the number of home loans for the construction or purchase of new property totalled 56 across the state. When compared to August 2013, this figure is a huge 40 per cent higher. Furthermore, the three months ending in August saw new home lending rise by 26.5 per cent over the same period last year, highlighting the significant growth seen across the state over the last 12 months.
HIA executive director for the Northern Territory Robert Harding said these figures should be encouraging for buyers looking into the local region, especially over the remaining months of 2014. He specifically mentioned the figures in the context of the state's housing shortage, which was detrimental as a whole to the region's economic competitiveness and long term prospects of growth.
Now could be a great time to get in touch with a local property expert and begin working towards your own piece of Northern Territory today.