Territory Stories

Budget Paper No.6 1997/98 Northern Territory Economy



Budget Paper No.6 1997/98 Northern Territory Economy

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Tabled Paper 3223


Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT; Tabled Papers




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Residential Building The structure of the housing industry in the Northern Territory differs significantly from other jurisdictions. A relatively young and mobile population results in a higher proportion of Territory households renting and buying, and a correspondingly lower proportion of Territory households own their homes, when compared to other jurisdictions. Growth in demand for dwelling construction during 1996-97 has been induced by strong population growth, lower interest rates and high levels of investor confidence in the local housing industry. The Australian Defence Force is midway through a significant relocation to the Northern Territory, including the Army Presence in the North (APIN) project. Already 3 100 full time Defence personnel are located in the Territory; this figure is estimated to reach 4 400 by 2001. This source of population growth has, and will continue to have, a significant impact on the Territory construction industry. Over $150 million has already been spent on residential construction with another $200 million allocated to the Defence Housing Authority (DHA) to provide housing for married couples and single personnel living off base. The Northern Territory housing industry has stabilised over the past four years after recording 0 400 800 1 200 1 600 2 000 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97* Approved Commenced Completed * NT Treasury estimateSource: ABS Cat. No. 8731.0, 8752.0, 8752.0 number Residential Building ActivityFigure 11.2 Housing and Construction 66