Territory Stories

Budget Paper No5 Northern Territory Economy 1998/99

Details:

Title

Budget Paper No5 Northern Territory Economy 1998/99

Other title

Tabled Paper 382

Collection

Tabled papers for 8th Assembly 1997 - 2001; Tabled papers; ParliamentNT

Date

1998-04-28

Description

Tabled by Michael Reed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/295415

Citation address

https://hdl.handle.net/10070/395002

Page content

RESIDENTIAL BUILDING The structure of the housing industry in the Territory differs significantly from other jurisdictions. The relatively young and mobile population in the Territory results in a very higher proportion of households renting, and a correspondingly lower proportion of households owning their homes in the Territory. It also accounts for a far higher proportion of medium density accommodation than any other jurisdiction. Some 50% of the housing stock is rented in the Territory, a figure which is slowly falling, compared to 24-33% in other jurisdictions. Flats and apartments account for over 16% of the dwelling stock in the Territory, compared to 5-13% in other jurisdictions. Both of these factors can be explained by the transient nature of a large proportion of the Territory population and the relative youth of Territorians. The Territory housing industry has sustained high levels of activity over the past two years. This is on top of the strong growth recorded during the early 1990s. Current levels of residential building activity are the highest for a decade. Estimates for 1997-98 indicate residential building activity has gained further momentum due to continued strong population growth and further falls in housing interest rates. Investor confidence in the local housing industry remains high. The Australian Defence Force is midway through a significant relocation to the Territory. The most important component is the Army Presence in the North (APIN) project. By January 1998 some 4 500 Defence personnel were located in the Territory. The number is programmed to rise to 5 300 by 2001. This source of population growth has, and will continue to have, a significant impact on the Territory construction industry. The Defence Housing Authority (DHA) has already spent over half of the $350 million programmed for the provision of housing for married couples and single personnel living off base. Over the five years to 1996-97, the DHA has lifted its stock of dwellings in the Territory by 57%, from 1 263 to 1 995. 64 Northern Territory Economy 0 400 800 1 200 1 600 2 000 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98e Approved Commenced Completed number Figure 11.2 RESIDENTIAL BUILDING ACTIVITY Source: ABS Cat. No. 8731.0, 8752.0 e: Treasury estimate


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