Territory Stories

Budget 2013/14 Northern Territory Economy



Budget 2013/14 Northern Territory Economy

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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.




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110 Residential Property Markets 2013-14 Budget In the December quarter 2012, REINT reports that the median prices of units sold in the Territory ranged from $170000 in Katherine to $430000 in Darwin and Palmerston. The Darwin and Palmerston region recorded an annual increase of 1.2percent and AliceSprings increased by 0.7percent (Chart9.9). Source: REINT The market segmentation data for Darwin and Palmerston houses demonstrates the increase in total sales volumes and median prices that were observed in 2012. Despite a lift in overall sales volumes, the number of house sales in the under $400000 and the $400001 to $500000 categories declined by 48.3percent and 13.7percent, respectively in 2012 (Table9.2). In contrast all categories above $500001 increased, with the largest increases in the $600001 to $700000 and $700001 to $800000 categories, up by 64.8percent and 90.5percent respectively. The proportion of houses sold for $500000 and under fell substantially, from 43.1percent in 2011 to 28.7percent in 2012. The market segmentation data for Darwin and Palmerston units also shows significant increases in sales volumes in the higher price categories. However, in contrast to the house segmentation data, the volume of sales in the lower price category of $300001 to $400000 also increased by 56.9percent. The increase in this category, which in 2012 has become the largest category, has offset the increases in the higher price categories and has contributed to the overall unit median price in Darwin and Palmerston increasing only modestly over 2012. The proportion of units sold for $500000 and under fell from 74.2percent in 2011 to 70.4percent in 2012. Chart 9.9: Darwin and AliceSprings Unit Prices 0 50 100 150 200 250 300 350 400 450 03 04 05 06 07 08 09 10 11 12 Calendar year Darwin Alice Springs $(000) Market Segmentation

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