Budget 2013/14 Northern Territory Economy
Tabled paper 295
Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT
Tabled by David Tollner
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Department of the Treasury and Finance
106 Residential Property Markets 2013-14 Budget The Australian Bureau of Statistics (ABS) 2011 Census of Population and Housing reported that 49.1percent of dwellings in the Territory were rented (including public housing), compared with 29.6percent nationally. As such, the availability of rental accommodation is relatively more important in the Territory compared with elsewhere in Australia. Between 2004 and 2010, vacancy rates across the Territory declined to very low levels and placed upward pressure on rental prices. The decline in vacancy rates was driven by stronger than anticipated population and employment growth as well as a trend towards smaller average household size. Low vacancy rates in AliceSprings and Katherine between 2008 and 2010 also reflected an influx of public servants (especially in the health and education sectors) to regional centres following the commencement of the Northern Territory Emergency Response. However, more recently a weaker housing market, and moderating population and employment growth have resulted in higher vacancy rates. House and unit rental listings, as reported by NT Data, decreased significantly in Darwin and Palmerston during 2012 (Charts 9.2 and 9.3), particularly during the peak dry season months between April and October. The decrease in rental listings reflects the strong increase in demand for rental properties driven by strengthening employment and population growth associated with the commencement of the INPEX and Total joint venture Ichthys liquefied natural gas (LNG) project and a relatively modest supply of new dwelling stock. Data for the first quarter of 2013 shows that rental listings have increased slightly compared with the same period last year in Darwin and Palmerston, however, as work on the Ichthys project begins to accelerate during the 2013 dry season, the availability of rental accommodation is expected to tighten significantly and rental listings are expected to fall back to the levels observed during the middle of 2012. Source: NT Data Rental Availability Chart 9.3: Darwin Weekly Rental Listings (three-month moving average) 0 100 200 300 400 500 07 08 09 10 11 12 13 Number Houses Units Year ended June
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