LETTER TO THE EDITOR
Sir – ABS data show a further decline in residential building activity in the Northern Territory, an unsurprising yet ominous indicator of a slowing economy.
HIA’s forecasts have for some time indicated that this will be a tough year in the Territory, and new statistics add weight to that prediction.
ABS data show a decline in building approvals of 12.6% for the three months to January 2017, compared to the same period 12 months previous.
When comparing the last 12 months to the previous 12 months, new house approvals declined by 11.6 per cent, from 929 approvals to 821.
This level of new home approvals is expected to slow to 730 for the year 2017, making ours a very competitive market for our 600 plus registered builders in the Territory.
Nationally, we are seeing some slowing of the new home market as total dwelling approvals for the year to January are 9.7% lower than the year earlier.
We expect further reductions in approvals as new home building activity reaches its low point during the 2018/19 financial year – especially on the multi-unit side.
Approvals fell in Queensland, Victoria, Northern Territory and ACT during January 2017.
Neilia Humphries (pictured)