Owner occupier lending booms by more than 60 per cent
OWNER occupier lending in the Northern Territory has skyrocketed in the last year, new analysis has revealed
Northern Territory
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OWNER occupier lending in the Northern Territory has skyrocketed by more than 60 per cent in the last year, new analysis has revealed.
A Finder investigation of Australian Bureau of Statistics data showed owner occupier lending among NT residents reached $89m in September, up from $57m 12 months prior, and the highest level of lending since March 2017, which recorded $96.9m.
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LJ Hooker sales professional Jen Wardell said there had been a lot of activity in recent months.
“We have seen a large jump in property transactions over the last 12 months with our office’s transaction numbers up by 52 per cent on the same time last year,” she said. “An overwhelming majority of these sales are to owner occupiers, as they were 12 months ago, but in greater volumes.
“There are positive signs that this will continue for at least the short-term and possibly into the medium-term, as the Darwin and Palmerston areas have low unemployment rates compared with some of the southern states, making it an attractive destination for people looking for work.”
Real Estate Central sales professional Simon Watts said more buyer activity, use of local housing grants and COVID-19 migration to the NT were all major factors which had contributed to the increase in lending.
He anticipated the market to continue to thrive over the Christmas and New Year period.
“Traditionally, buyers start dropping off the housing hunt early December, and then wake up from their Christmas coma around mid-January,” he said.
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“Last year, however, this didn’t happen, as it was the start of the property increase I mentioned earlier, and I believe this year will be much the same.
“With fewer properties on the market, and still a very high demand from buyers, I’m sure there will be many astute buyers glancing at the realestate.com app at Christmas lunches all around the Territory this festive season.”
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