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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Department of the Treasury and Finance

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Residential Property Markets 99 Northern Territory Economy Residential Property Markets Sales volumes of houses, land and units increased substantially across the Northern Territory over 2012. Growth in house prices strengthened in Darwin, Palmerston and TennantCreek in the year, but declined in Katherine and AliceSprings. Greater Darwin property markets have been supported by strengthening economic and population growth, declining interest rates and increased confidence following the commencement of several major projects, particularly the INPEX and Total joint venture Ichthys liquefied natural gas project. As at the December quarter 2012, Darwin median house prices were the second highest of the capital cities, behind only Sydney, while Darwin median unit prices were the third highest, behind Sydney and Melbourne. Sales activity in the Greater Darwin region is expected to remain at above average levels through to 2015-16, underpinned by strengthening population and employment growth. The property market in AliceSprings is expected to be supported over this period by the relocation of some Territory Government agencies to the town as well as an increased focus on supporting tourism in the region. Property markets in Tennant Creek and Katherine are expected to continue to be supported by strong demand for rental properties, associated with government employment, as Katherine and TennantCreek have become regional hubs for the delivery of Territory and Commonwealth government services including education, health, law and order, and Indigenous reform programs. Northern Territory 2011 2012 Annual % Change Land sales (no.) 474 572 20.7 House sales (no.) 1 606 1 955 21.7 Unit sales (no.) 1 094 1 557 42.3 Median house price1 ($) Darwin and Palmerston 516 000 578 000 12.0 Alice Springs 446 750 435 000 - 2.6 Katherine 345 000 330 000 - 4.3 Tennant Creek 232 500 260 000 11.8 1 As at December quarter Source: Australian Valuation Office; Real Estate Institute of the Northern Territory Background The residential property market covers activities associated with building, buying or renting a dwelling, together with land development. This chapter also encompasses provision of government housing assistance, including public housing, home purchase assistance and defence housing programs. Chapter 9 Key points

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