Territory Stories

Budget Paper No.6 1997/98 Northern Territory Economy

Details:

Title

Budget Paper No.6 1997/98 Northern Territory Economy

Other title

Tabled Paper 3223

Collection

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

Date

1997-04-30

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/10070/289257

Citation address

https://hdl.handle.net/10070/404114

Page content

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


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