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Territory housing market hits drawbacks

Large increases in construction costs have lead to Territorians are taking fewer, but larger, loans for housing, industry experts.

The Northern Territory and Loan Association Finance says there has been a dramatic decline in the number of people buying and selling homes in recent months.

Of the association, Tony Schelling said that the high profitability of the market rental (from: http://www.building-materials-china.com/) and rising construction costs are among the contributing factors.

He said that the fall in the number of people taking home loans is very important, and lack of market confidence is not surprising given the current boom.

"[There was] as much as 10 per cent reduction in the number [of credit] in the last couple of months and probably similar 10 percent in number over the past six months.

"Most Recently there has been of a higher turn down, but the real impact has not been seen yet.

"And the transportation (from: http://www.building-materials-china.com/buy-conveyances/) might say they're down around 20 percent in the number of transactions that are processing. "

Graham, the Northern Territory Construction Kemp Association said that global demand for resources has led to the cost of building a house.

Steel has increased by 60 percent this year, and combined with the rising cost of fuel and other materials, Mr. Kemp said that the construction cost will grow.

"Steel is just one component we are seeing fogging.

"We are seeing concrete going up, we're seeing prices going up plasterboard – literally all the components in the building a house [are rising].

"The insidious is what fuel prices do."

The owner of a company Construction of the Northern Territory (from: http://www.building-materials-china.com/companies/) says the new health and safety work: the cost of building a house in the Territory to go for a ten per cent.

"We've gone through the recommendations and have had a lot of contributions by installers and suppliers and that may have the potential to add another $ 40,000 to a good size block of a house built single plant, "says Dominic Papale.

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Article Source: ArticlesBase.comTerritory Housing Market Hits Snags

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