Q2 2017 Key Market Indicators – Northern Territory
The PRDnationwide Q2 2017 Key Economic Indicators provide consumers with a quick snapshot of the current state of affairs from an economic and property perspective. The PRDnationwide Key Economic 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
A key finding for Northern Territory is in relation to affordability, where despite a decreasing trend over six months to December 2016 (to 46.2 index points), it remains above the Australian average of 32.9 index points. This is reflected in a 4.8% increase in the number of loans to first home buyers over the past six months. Interestingly this is at a lower level of growth in comparison to New South Wales, Victoria, and Queensland; despite the other three states being more unaffordable.
Dwelling approvals have seen cooling measures, decreasing to 49 number of approvals. This is in line with decreasing nett migration, providing current stock the opportunity to be absorbed in the market. Unemployment rate has decreased to 3.7% in March 2017, which is significantly lower than the Australian average of 5.9%. Furthermore weekly family income has increased to $2078, indicating wage growth and strong potential for future economic growth.