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 Qualification for each o f the schemes is subject to the satisfaction o f specific needs and income criteria. Home loan affordability data is published jo in tly by the Real Estate Institu te o f Australia and M GICA Ltd. (a specialist m ortgage insurer). As shown in Figure 11.4, for the Territory in the Decem ber quarter 1993, 13.2% of the median family income was allocated to meet an average m onthly home loan repaym ent o f $590 making home ownership in the Territory the m ost a ffo rd ab le , on th is m easu re , in Australia. The national average was 19.1% of median family income. The affordability o f housing in the Territory is a function of the relatively high proportion of two income households, combined with high average weekly earnings and land prices which are genera lly below those o f larger urban centres. Residential Building Outlook The slow down in the Territory residential market through the second half o f 1993, following rapid growth over the last three years, has occurred as pent-up private demand and immediate defence force requirements have been progressively satisfied. In the absence o f further reductions in interest rates, private demand for housing in the near to medium term is expected to reflect underlying demand (driven largely by population growth, changing age structure and real earnings growth). Offsetting this, public demand for housing is expected to receive a further boost in 1994/95 and 1995/96 with the relocation o f a further 1 100 defence force personnel and dependants to the Territory. Figure 11.4 H om e L oan A ffo rdab ility % 25 NT ACT TAS VIC WA SA QLD NSW AUS Source: REIA/MGICA Ltd, December Qtr 1993 67
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