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
Residential Property Markets 113 Northern Territory Economy Source: REIA Housing Affordability This section focuses on housing affordability measured as the proportion of household income needed to meet loan or rent payments. This approach does not consider choice as to the location, size, age and condition of dwellings, which can also significantly impact the measure and, as such, does not represent the affordability for an individual household. The Housing Affordability Report produced by the Adelaide Bank and REIA reports that the Home Loan Affordability Indicator (HLAI) improved in all states and territories across Australia in 2012. The HLAI compares median weekly family income to average monthly mortgage repayments. Housing affordability, as measured by the HLAI, increased by 10.2percent nationally while increasing by 5.7percent in the Territory (Chart 9.13). This reflects the impacts of a larger increase in dwelling prices in the Territory. However, the Territory continued to have the second most affordable home loans of the jurisdictions, ranked behind only the Australian Capital Territory. Nationally, the increase in housing affordability reflects a 5.5percent annual increase in median weekly family incomes combined with a 4.3percent annual decrease in average monthly loan repayments, primarily as a result of substantial interest rate cuts over 2012. In the Territory, the increase in affordability reflects a 4.7percent increase in median weekly family incomes and a more moderate 1.0percent decrease in average monthly loan repayments, as the impact of rising dwelling prices partly offset the effects of interest rate reductions. Chart 9.12: Capital City Median House and Unit Prices, December Quarter 2012 0 100 200 300 400 500 600 700 Sydney Darwin Melbourne Canberra Perth Brisbane Adelaide Hobart 8 Capitals House Unit $(000) Affordability for OwnerOccupiers
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