Territory Stories

Budget 2013/14 Northern Territory Economy

Details:

Title

Budget 2013/14 Northern Territory Economy

Other title

Tabled paper 295

Collection

Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT

Date

2013-05-14

Description

Tabled by David Tollner

Notes

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.

Language

English

Subject

Tabled papers

Publisher name

Department of the Treasury and Finance

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00866

Parent handle

https://hdl.handle.net/10070/273751

Citation address

https://hdl.handle.net/10070/426369

Page content

Residential Property Markets 115 Northern Territory Economy The Alice Springs property market is expected to be supported by the relocation of some TerritoryGovernment agencies to the town as well as potential flow-on effects from an increase in tourism following the recommencement of flights between AliceSprings and eastern states by TigerAirways and between Yulara (Ayers Rock) and the eastern states by Jetstar (see Chapter 13: Tourism). Demand for housing in Tennant Creek and Katherine is expected to remain strong, underpinned by the relatively high levels of employment required to deliver expanded healthcare, education, law and order and Indigenous reform programs, as the towns have become regional hubs for the provision of services to remote communities throughout their respective regions. The Victoria Daly and Roper Gulf Shire Councils are both based in Katherine, and the Barkly Shire Council is based in Tennant Creek. Both towns continue to experience very low vacancy rates. While further land release is expected to increase the supply of dwellings, demand for rental accommodation is expected to remain strong and the relatively high rental yields are expected to continue to encourage investment in new and existing residential property. Expected residential land release in Greater Darwin through to 2016-17 includes Zuccoli, The Heights Durack and Mitchell in Palmerston, and Muirhead in Darwins northern suburbs. Stage 1 of Zuccoli is expected to yield over 500 lots between 2013 and 2017, and the remaining stages of Zuccoli are expected to provide a further 950 lots over the next five years, making Zuccoli one of the largest suburbs in Palmerston with 1700 dwellings expected on 1400 lots. While the suburb of Mitchell comprises a large area south west of Zuccoli, due to the location of Mitchell Creek, the initial development of the suburb is only planned for a small area in the north of Mitchell, yielding about 300 lots, and is not expected to commence until 2015 or later. In addition to the releases on crown land in the east of Palmerston, about 570 lots are expected to be released in The Heights development in the suburb of Durack, on land owned by Charles Darwin University. Development work and land sales at The Heights Durack commenced in mid-2012, with the first 100 lots expected to be ready for dwelling construction works during 2013. The remaining lots are expected to be released between 2014 and 2016. In Muirhead, about 160 lots are expected to be released each year from2012, with completion of the land release expected to occur in 2018. The timeframes for land release are based on current expected or indicated release schedules and may be subject to change according to various factors such as market demand or difficulties with completing site works. Land release at the new suburb of Kilgariff in Alice Springs is expected to stimulate construction of new dwellings in the town and ultimately provide about 1200 new residential lots. Development of the first stage of Kilgariff is expected to get underway during the second half of 2013, with the first lots expected to be available for dwelling construction during 2014. There has also been a smaller land release at the new housing estate at Mount Johns, New House Construction and Land Release


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