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
Residential Property Markets 111 Northern Territory Economy Houses 2011 2012 % Change $(000) <400 60 31 - 48.3 401-500 371 320 - 13.7 501-600 287 430 49.8 601-700 142 234 64.8 701-800 63 120 90.5 >801 76 90 18.4 Total 999 1 225 22.6 Units 2011 2012 % Change $(000) <300 98 78 - 20.4 301-400 281 441 56.9 401-500 291 396 36.1 501-600 124 178 43.5 601-700 45 90 100.0 701-800 22 45 104.5 >801 42 71 69.0 Total 903 1 299 43.9 Source: AVO, Department of Treasury and Finance Rents Strong demand for housing and reduced vacancies have also put upward pressure on dwelling rental prices during 2012. REINT reports that the median weekly rental price for a three-bedroom house in Darwin and Palmerston in the Decemberquarter2012 was $638, an increase of 22.0percent compared with the Decemberquarter 2011 (Chart9.10). Within the Darwin and Palmerston region, the largest increase was in the inner Darwin area, where median rents increased by 65.6percent, from $587 in December2011 to $972 in December2012. The quarterly median rental price in inner Darwin has historically been volatile due to relatively large variations in the quality of rental stock, which includes a proportion of much older housing in established suburbs as well as relatively new and higher priced housing in areas such as Bayview and CullenBay. The unusually high annual increase reflects both a strengthening rental market as well as compositional factors, such as a higher proportion of new or otherwise more expensive houses rented. Median rental prices for a three-bedroom house in Darwins northern suburbs and Palmerston also increased substantially, with rental prices in annual terms up by 8.1percent and 12.8percent, respectively. In other areas of the Territory, the median rent for a three-bedroom house in Katherine increased by 1.4percent, from $420 in December2011 to $426in December2012. In AliceSprings, the median rent decreased slightly in annual terms, falling from $522 to $517. REINT does not report median rental prices for TennantCreek. Table 9.2: House and Unit Sales in Darwin and Palmerston by Market Segmentation
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