Q1 2019 Key Market Indicators – Northern Territory
Northern Territory shows strong fundamentals for growth in 2019
The Northern Territory (NT) showed strong economic fundamentals towards the end of 2018, preparing for high performance in 2019. The NT earned 3 silver awards nationally in the PRD Q1 2019 Key Market Indicator Awards for: highest home loan affordability index reading, highest growth in dwelling approvals, and highest median weekly family income. The NT also earned 3 bronze awards nationally for: most improved number of first home buyer loans, most improved home loan affordability index growth, and most improved unemployment rate.
The NT continues its streak as one of Australia’s most affordable markets, taking out the silver award nationally for the highest home loan affordability index reading (as of the September quarter of 2018) at 47.7 points. This is the second time in a row that the NT has taken out this award, following the PRD Q4 2018 Key Market Indicator Awards. Furthermore, this is significantly higher than the average Australian home loan affordability index reading of 31.9 points, which further cements the NT as one of the most affordable states in the country.
Affordability in the NT is set to continue upward, as the number of dwelling approvals has increased by 11.3% over the past 12 months to December 2018. However, nett migration has declined by a significant amount between June 2017-2018, down to -157 people. This suggests that there is a mismatch in supply and demand strategy, which may lead to an oversupply of dwellings. This positions the NT as a market leader for first home buyers in the near future, as they will have a high potential of entering the market and securing further discounts on property prices.
The PRD Q1 2019 Key Market Indicators provide a quick snapshot of the current state of the market in Australia, from both an economic and property perspective. The Indicators cover both national and state level data, comprising of:
- Number of loans to first home buyers
- 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
View the Q1 2019 Key Market Indicators