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
Construction 141 Northern Territory Economy 1 Inflation adjusted, base year 201011 Source: ABS Cat. No. 8755.0 Residential Building Over the past 20 years, the annual value of residential building, adjusted for inflation, has generally fluctuated between $400million and $500million, with a few exceptions such as during the late 1990s when the value of residential building peaked at over $600million in 1999 as the large redeployment of defence personnel to the Territory under the Army Presence in the North policy underwrote the rapid development of Palmerston. This preceded a fall below $400million in the early 2000s. Residential building is expected to increase to above longterm trend levels and remain strong by historical standards through to 201617 (Chart 11.3), driven by strong levels of new house construction reflecting land releases in Bellamack, Johnston, Zuccoli and The Heights Durack in Palmerston, the Coolalinga subdivision in Litchfield, Muirhead in Darwin and Kilgariff in AliceSprings (see Chapter 9: Residential Property Markets). Residential construction is also expected to be supported by the Territory Governments Real Housing for Growth plan, which includes initiatives to increase the supply of new dwellings in the Territory. The plan aims for 2000new homes to be built across the Territory over the next four years, using a combination of home ownership incentives, such as the HomeBuild Access loans, which are intended to assist eligible applicants in purchasing a new dwelling, as well as rental initiatives, which are designed to encourage private developers to build and own new rental dwellings with the Territory Government holding a tenyear head lease. Chart 11.2: Territory NonResidential Building1 (moving annual total) 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 03 04 05 06 07 08 09 10 11 12 13 $B Year ended June Total non-residential Private Public
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