The number of housing finance commitments in the Northern Territory went up by 7.1 per cent to 3,375 – the strongest in all jurisdictions for the year ending May 2022, new data from the Department of Treasury and Finance show.

The monthly housing finance commitments for owner occupation likewise increased by 12.3 per cent to 437, but is still the lowest growth rate in the country compared to 12.9 per cent in Western Australia and Victoria’s 26.9 per cent growth.

On the whole, monthly commitments went up by 21.6 per cent.

The figures reflect a surge of 34.5 per cent in non-first home buyers. The increase, however, was dampened by falling first home buyers which are down by 28.8 per cent for the period in review.

Year-on-year ending May 2022, total commitments – excluding refinancing – in the Territory increased by 9.9 per cent to $1.3 billion, compared with an increase of 14.3 per cent to $258.8 billion nationally.

First-time homebuyers in the Territory meanwhile went down to 967, or 28.8 per cent. This figure is the weakest among jurisdictions, compared to Tasmania’s 27 per cent decline and the Australian Capital Territory’s drop of 4.3 per cent.

Month-on-month, the Territory has registered the highest uptake in first home buyers’ commitments at 57.4 per cent, higher than the national figure with a 17.8 per cent increase.

Building approvals continue downward trend

For May, residential building approvals in the Territory fell by 3.7 per cent to only 52, the weakest of all jurisdictions. Nationally, monthly residential approvals decreased by 1.5 per cent.

Year on year, residential building approvals in the Territory fell 39.5 per cent to 525. Again, the lowest of all jurisdictions compared with Western Australia dropping 26.8 per cent and a 15.9 per cent increase in approvals in the Australian Capital Territory.

Territory new home approvals fell 45.2 per cent, while unit and townhouse approvals decreased by 52.1 per cent. Alterations, additions and conversions approvals increased by 222.7 per cent.

Year-on-year ending May 2022, the value of residential building approvals in the Territory slipped by 28.1 per cent to $304.7 million, compared with an increase of 7.3 per cent to $88.4 billion nationally.

Non-residential approvals, meanwhile, increased by 244.8 per cent to $28.9 million, which reflects an increase of 923.2 per cent in public non-residential building approvals, and a surge of 107.1 per cent in private non-residential building approvals.

On the whole, the value of non-residential building approvals increased by 65.4 per cent to $6.4 billion.