Q1 2018 Key Market Indicators – Northern Territory
And the lowest unemployment rate gold award goes to….the Northern Territory!
The Northern Territory takes out two gold awards in PRD’s Q1 2018 Key Market Indicator awards, for lowest unemployment rate (as of January 2018) at 3.9% and most improved unemployment rate (as of January 2018) at -18.8%. This builds confidence when it comes to those seeking employment alternatives across the differing states, particularly as there has been concerns in regards to slowing industries and number of jobs available over the past 24 months. What’s more, median weekly family income for the Northern Territory sits at $2,107 as of September quarter 2017, making it the 2nd highest in Australia.
Even more encouraging, the Northern Territory takes out the bronze award for most improved home affordability loan index growth (as of September quarter 2017) at 5.7%. Furthermore, the Northern Territory takes out the silver award for highest home loan affordability index reading (as of September quarter 2017) at 51.6 index points, excedding the Australian average of 33.0 index points. The number of first home buyer loans in the Northern Territory grew by 37.9% over the past 12 months to September quarter 2017, making it the 3rd largest growth across Australia. These indicators are extremely supportive for those looking to take their first steps into the Northern Territory property market.
Although the number of nett migration into the Northern Territory is one of the lowest in Australia – at 279 people as of June 2017, this is actually a 26.8% increase compared to 12 months earlier. Dwelling approvals in Northern Territory are the lowest in Australia, at 44 approvals as of December 2017, which signifies a -44.7% drop compared to 12 months prior. This suggests that there is potentially an undersupply in the near future considering an increase in nett migration, opening up development opportunities for those keen to capitalise on a diamond in the rough market.
The PRD Q1 2018 Key Market Indicators provide a quick snapshot of the current state of affairs from an economic and property market perspective. The Key Market Indicators cover both national and state level data, comprising of:
- Number of first home buyer loans
- Home loan affordability index
- Number of dwelling approvals
- Consumer sentiment index
- Standard variable loan
- Consumer price inflation index
- Unemployment rate
- Weekly family income
- Nett migration
For more information on the PRD Key Market Indicators please contact Dr Diaswati Mardiasmo, National Research Manager