Territory Stories

Budget Paper 1994-95 No.6 Northern Territory Economy

Details:

Title

Budget Paper 1994-95 No.6 Northern Territory Economy

Other title

Tabled Paper 2156

Collection

Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT

Date

1994-05-12

Description

Tabled by Barry Coulter

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/Details/C2021C00044

Parent handle

https://hdl.handle.net/10070/292876

Citation address

https://hdl.handle.net/10070/398240

Page content

Housing and Construction data include permits issued by licensed Private Building Certifiers plus permits issued through the Building Branch, Department o f Lands and Housing. A breakdown of the value o f residential building approvals shows approvals for the construction o f Houses contributed 74% of total approvals while Other Residential approvals accounted for the other 26%. The private sector accounted for 86% o f all approvals in the Houses category and 98% of all approvals in the Other Residential category. Data from the Department o f Lands and Housing show the stock o f public sector housing, since June 30 1989, decreased by 3.5%; the result o f a reduced capital works program, conversions o f units (eg two single bedroom flats into a two bedroom unit) and sales through schemes such as the Government sponsored HomeNorth sales program. After investing significant resources in infrastructure following self-government, the Territory Government has steadily reduced its proportional involvement in the housing market as private sector expansion has taken the lead. In the twelve months to January 1984, the number o f public sector residential building approvals accounted for 43% of all approvals for Houses and 33% o f all approvals for Other Residential. A decade later, in the same period to January 1994, public sector approvals were 14% and 2%, respectively. While the Territory and Commonwealth Governments continue to account for a sizeable share o f the housing market, the num ber o f pub lic sec to r re s id e n tia l building approvals contracted sharply during 1993. This decline was mainly the result o f the large influx o f defence force personnel during 1992 and the consequent demand for housing in that year. The inflow o f personnel and dependants, after slowing in 1992/93, is expected to increase again in both 1994/95 and 1995/96 providing renewed stimulus for residential construction. A ustralian Valuation O ffice statistics show a dramatic increase in the number o f unit sales since 1991/92 as illustrated in Figure 11.2. During 1992/93 unit sales 65 F ig u re 11.2 Northern Territory Residential Property Sales No. Source: Australian Valuation Office * N T Treasury estimate


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