Confidence is returning to the Northern Territory property market with house prices in Alice Springs, building approvals and construction increasing and rental vacancies falling in the March quarter, according to the Property Council of Australia (PCA).
Increases were shown in residential building approvals (51.2%), construction activity (5.1%) and Alice Springs house prices (2.9%) while rental vacancy rates tightened to 3.3% from 3.7% in Darwin and to 2.9% from 3.5% in Alice Springs, the PCA said.
However property prices fell across the Territory on average, by 2% for houses and 9% for units.
“The latest data paints a picture of cautious optimism,” the PCA wrote in its NT Property Sector Quarterly report which tracks key indicators such as housing approvals, vacancy rates, construction activity, employment, inflation, tourism, and community safety.
Property Council NT Executive Director Ruth Palmer said the report reinforced a growing momentum in the Territory’s housing and investment market.
“We’re starting to see real movement, more approvals, higher building activity, and regional growth that tells us confidence is coming back,” Palmer said in a media release.
“This isn’t a spike; it’s a shift. And it’s one we’re tracking carefully to ensure that both government and investors have the evidence they need to make smart, timely decisions.”
However the report also highlighted ongoing challenges with tourism remaining fragile, despite a modest 1% increase in visitor numbers.
“That’s not enough to drive meaningful economic recovery across our regions. We need sustained effort and investment to rebuild this vital sector,” she said.
Crimes continued to impact businesses and property owners with more than 70% of property crime related to theft and damage, which eroded community confidence.
