Budget Paper 1994-95 No.6 Northern Territory Economy
Tabled Paper 2156
Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT
Tabled by Barry Coulter
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.
Housing and Construction surpassed home sales and this trend has been continued through the second six months o f 1993. However, November and December 1993 data show a drop-off in the number o f building approvals for units indicating that existing high demand may have been largely satisfied through record growth over the last three years. R esidential property sales for the six m onths to D ecem ber 1993 decreased 11.1 % in comparison with the same period in 1992. T his is the f irs t decrease recorded in more than five years. Home sales fell 21.3% while single detached unit sales slipped 2.8%. By regional area, total sales increased 16.2% in Palmerston and 1.8% in Katherine while sales in Alice Springs, Tennant C reek, D arw in and remaining areas all decreased. Figure 11.3 illustrates the cyclical nature o f housing prices in Darwin and shows a s tead y up w ard tren d co m p ared to relatively flat prices nationally following a severe correction in the late 1980s. Between September 1992 and 1993, the Australian Bureau o f Statistics (ABS) index o f established house prices for Darwin increased by 16.1% (down from the June quarter 20.5% figure), compared to 2.7% nationally. The Northern Territory Government administers the HomeNorth housing program. HomeNorth has five schemes focused on assisting Territorians on low incomes to purchase their own home or to change residence as individual family needs evolve. The schemes are: Early Start, a deposit assistance grant scheme; Easy Start, a first mortgage scheme; Sales, a scheme to facilitate the sale o f Housing Commission Properties; Assist, an interest rate assistance scheme; and Shared Equity, a scheme using government as an equity partner to promote private ownership o f property. Figure 11.3 House Price Index (annual % change) Source: ABS Cat. No. 6416.0