NT Industry Outlook Breakfast
April 18, 2019
The HIA Outlook Breakfast 2019, sponsored by Direct Plasterboard Outlet, was held at the Hilton in Mitchell Street Darwin in late March. We had a good turnout of Members, all keen for the latest Economic forecast for residential building. The Breakfast started with a presentation from Hon. Eva Lawler, Minister for Environment and Natural Resources; Minister for Infrastructure, Planning and Logistics; Minister for Climate Change, regarding the Northern Territory Governments commitment to assist the residential building sector and the construction sector as a whole, in these difficult times.
Minister Lawler was followed by HIA’s Chief Economist, Tim Reardon, who provided an insight into the residential building sector in the Northern Territory and Australia as a whole. Key messages for the Northern Territory were that we expect this downward cycle to continue for some time, with some increased activity toward the end of 2019. New home building is expected to remain at reduced activity levels, whilst some improvements have been indicated in the renovations sector.
Contributing factors for these current low activity levels include: tightening in lending; consumer confidence; negative population growth.
There was some good news however, with the recently introduced Build Bonus increasing interest from prospective new home buyers, work starting on the new $200m waterfront hotel and the fast tracking of government infrastructure projects.
The economic outlook is now available on the HIA website for all Members. Economic Outlooks are updated and published for members each quarter.