Budget 2013/14 Northern Territory Economy
Tabled paper 295
Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT
Tabled by David Tollner
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.
Department of the Treasury and Finance
104 Residential Property Markets 2013-14 Budget Historically, subdued onshore economic and population growth from 2000to2004 was reflected in relatively low levels of residential land take-up, following a strong period of growth in the late 1990s associated with the Australian Defence Force Army Presence in the North initiative. From 2004, residential land sales increased rapidly, reflecting strengthening economic and population growth, peaking at 1118sales in the year to April2007 (Chart9.2). Since peaking in 2007, land sales decreased significantly through to 2009, in part reflecting supply constraints rather than a lack of demand. However, land sales have increased substantially over the past two to three years, up by 51.4percent in 2011 (some of this increase relates to land exchanged in 2010 but not settled until 2011) and by a further 20.7percent in 2012. This reflects the increased availability of titled residential land following the development of Bellamack and Johnston in Palmerston, as well as the first settlements of titled land at Muirhead in Darwin and the Coolalinga subdivision in Litchfield. In addition, there have been lots sold at the new Palmerston suburb of Zuccoli, however these will not settle until titles are issued in mid-2013. Source: AVO The majority of land sales over the past decade have been in Palmerston with the development of new suburbs including Rosebery, Farrar, Gunn (The Chase), Durack (Fairway Waters) and more recently, Bellamack and Johnston. In 2012, Palmerston accounted for 48.8percent of land transactions in the Territory, lower than the ten-year average of 57.3percent, reflecting the increased number of land transactions in Darwin and Litchfield associated with the Muirhead and Coolalinga subdivision developments. Over the past ten years, other land sales in the Territory have come from the development of suburbs and new housing estates such as: Darwin Bayview, City Valley, Tipperary Waters and Frances Park estates, and the new suburb of Lyons; Alice Springs Larapinta and Ridges Estate; and Tennant Creek Peko Road stage 1. Residential Land Chart 9.2: Territory Residential Land Sales (moving annual total) 0 200 400 600 800 1000 1200 01 02 03 04 05 06 07 08 09 10 11 12 13 Number Year ended June Total Palmerston Alice Springs Darwin
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