The Master Builders Association NT says surging Fidelity Fund NT figures for the Territory’s private residential building market “is the clearest evidence yet” that the Finocchiaro Government’s targeted housing incentives are working.
The Fidelity Fund issued 61 certificates for new residential builds last month for projects worth $26.3m.
That is 28 more (+85 per cent) than August, 2024 and 13 more than July and eight more than June this year.
Prior to the scheme coming into effect, the Northern Territory was experiencing some of the lowest new private housing starts in the Territory’s recorded history.
“This jump in new builds can be directly attributed to the NT Governments new housing incentives,” Master Builders NT CEO Sallyann Innes said.
“The incentives have pulled the Territory out of its lowest recorded levels of new private housing builds and are starting to drive investment, jobs, and confidence back into the residential building sector.
“The opportunity is to lock in this momentum and scale it up.
“The Government must keep land coming through, serviced and ready to build, or this momentum will stall.”
Industry analysts say the impact this improvement in residential building potentially is having on the wider economy is:
- $37m plus of private investment (house + land) in the Territory just in August;
$390m of private investment for the year (annualised average based on past 3 months);
1560 (annualised) direct construction jobs in the residential sector;
up to 3 times more jobs in the construction supply chain and across the wider community.
The Fidelity Fund also has 380 unused certificates available at the end of August, for projects valued at $192m.
That number is also expected to rise as many builders are currently in their annual renewal phase with the Fund.
Analysts say this data does not reflect the scale of residential building in the Northern Territory as it does not include the remote housing program funded by the NT and Federal governments.