Q2 2018 Key Market Indicators – Northern Territory
The Northern Territory takes out 2 gold and 2 silver awards nationally in the PRD Q2 2018 Key Market Data Indicator Awards.
The NT has improved the most in its home affordability loan index growth, recording an increase of 8.1% over the past 12 months to the December quarter of 2017. They have bumped ACT from the number 1 spot for this category, earning the gold award nationally. This is a significant achievement considering the state has moved up from the bronze award they achieved for the same category last quarter.
The NT’s economy is currently at an interesting cross-roads, coming off the mining boom and transitioning into an economy that is service and tourism driven. Property prices have dipped over the past 24 months, yet they achieved the gold award nationally for lowest unemployment rate (as of March 2018), recording 3.9%. Although this may not be the lowest level of unemployment the state has seen, at present it is well below the Australian average of 5.5%. Furthermore, those residing in the NT have a median weekly family income of $2,113 as of the December quarter of 2018, earning the state a silver award nationally for highest median weekly family income. Thus, it is no surprise that the NT also won the silver award nationally for the highest home loan affordability index reading, recording 47.9 index points in the December quarter of 2017.
The number of dwelling approvals in the NT has decreased by -12.9% over the past 12 months to March 2018, recording only 54 dwelling approvals (the lowest number in the country). This has been a timely decision by the state government considering its current economic climate, which has played a crucial part in the 38.2% of first home buyer loans taken out over the past 12 months to the December quarter of 2017.
The PRD Q2 2018 Key Market Indicators provide a quick snapshot of the current state of affairs 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