Territory Stories

Budget 2013/14 Northern Territory Economy

Details:

Title

Budget 2013/14 Northern Territory Economy

Other title

Tabled paper 295

Collection

Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT

Date

2013-05-14

Description

Tabled by David Tollner

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

Publisher name

Department of the Treasury and Finance

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00866

Parent handle

https://hdl.handle.net/10070/273751

Citation address

https://hdl.handle.net/10070/426369

Page content

Residential Property Markets 103 Northern Territory Economy Market Activity Sales Sales activity data is sourced from the Australian Valuation Office (AVO), which records a sale at settlement. Following sharp declines in 2010 and 2011, dwelling sales volumes across the Territory increased substantially in 2012. The AVO reported that there were 3512 houses and units sold in the Territory in 2012, a 30.1percent increase compared with the 2700 sales in 2011 (Chart 9.1). House sales increased by 21.7percent to 1955 and unit sales increased by 42.3percent to 1557. While sales volumes increased substantially over 2012, they remained significantly below levels recorded from 2003 to 2009. Source: AVO The AVO reports that dwelling sales increased in all regions of the Territory in 2012, with the most substantial increases reported in Darwin and Katherine, up 40.2percent and 27.0percent, respectively (Table9.1). The number of dwelling sales for all centres in the Territory increased by 30.1percent in 2012. 2008 2009 2010 2011 2012 No. Sales % Change No. Sales % Change No. Sales % Change No. Sales % Change No. Sales % Change Darwin1 2 178 2 2 131 - 2 1 469 - 31 1 317 - 10 1 847 40 Palmerston 856 - 7 994 16 591 - 41 619 5 786 27 Alice Springs 750 - 3 728 - 3 572 - 21 450 - 21 479 6 Katherine 114 - 41 149 31 107 - 28 105 - 2 120 14 Tennant Creek 52 - 19 53 2 48 - 9 46 - 4 50 9 Territory2 4 166 - 4 4 282 3 2 957 - 31 2 700 - 9 3 512 30 1 Excludes rural areas surrounding Darwin 2 Includes rural areas surrounding Darwin Source: AVO Preliminary data indicates that sales activity in the first quarter of 2013 is comparable with the first quarter of 2012. There were 791 dwelling sales across the Territory in the Marchquarter2013, compared with 824sales in the Marchquarter2012. These volumes are substantially higher than the 563sales recorded in the Marchquarter2011. Chart 9.1: Territory House and Unit Sales (moving annual total) 0 1000 2000 3000 4000 5000 01 02 03 04 05 06 07 08 09 10 11 12 13 Year ended June 6000 Total Houses Units Number (000) Sales by Region Table 9.1: Dwelling Sales by Territory Region, 2008 to 2012


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