Darwin 2 October 2013.  Treasurer David Tollner said today’s news that the trend number of residential building approvals in the Territory in August 2013,  increased by 1.4 per cent compared to July 2013, is further evidence of growing confidence in the Territory Government’s economic direction.

“This is the highest monthly number of building approvals since December 1999 and comes on the back of yesterday’s news that Territory retail trade turnover has continued to strengthen,” Mr Tollner said.

“Nationally, the trend number of residential building approvals in August increased by just 0.1 per cent so we are leading the way for the rest of Australia.

“In the year to August 2013, the number of residential building approvals in the Territory increased by a whopping 29.9 per cent, the second highest growth rate of the jurisdictions, behind Western Australia, which is up by 31.2 per cent.

“The increase reflects strong demand for new residential properties supported by strengthening population growth, relatively high rental yields and low interest rates.

“Nationally, the number of residential building approvals increased by only 11.6 per cent in year on year terms.

“Year on year growth in the Territory was primarily driven by a 54.1 per cent increase in other residential approvals ? units, townhouses and flats.

“This follows the approval of several large multi-million dollar developments in the Darwin region, particularly in the CBD.”

Mr Tollner said while the number of house approvals in the Territory decreased by 3.8 per cent in the year to August 2013, due to a peak in the number of approvals associated with developments in new suburbs in Darwin and Palmerston and the new subdivision at Coolalinga in Litchfield, the number of approvals remain at historically high levels.

In August 2013 the value of non-residential building approvals in the Territory increased from $35.1m in July 2013 to $134.8m in August 2013.