Territory Stories

Territory economic review

Details:

Title

Territory economic review

Other title

Economic Group

Creator

Northern Territory. Department of Treasury and Finance

Collection

Territory economic review; Department of Treasury and Finance newsletters; PublicationNT; E-Journals

Date

2014-12-01

Notes

Made available via the Publications (Legal Deposit) Act 2004 (NT).; This publication contains may contain links to external sites. These external sites may no longer be active.

Language

English

Subject

Northern Territory -- Economic conditions -- Periodicals

Publisher name

Northern Territory Government

Place of publication

Darwin

File type

application/pdf

Copyright owner

Northern Territorty Government

Parent handle

https://hdl.handle.net/10070/254030

Citation address

https://hdl.handle.net/10070/534437

Related items

https://hdl.handle.net/10070/534440; https://hdl.handle.net/10070/534442; https://hdl.handle.net/10070/534443; https://hdl.handle.net/10070/534445; https://hdl.handle.net/10070/534438

Page content

8 Economic Group, Department of Treasury and Finance Property Market Median house prices ranged from $291 000 in Tennant Creek to $620 795 in Darwin in the June quarter 2014 Housing finance commitments for owner occupation remain at relatively low levels The Territory property market, particularly in the Top End, is experiencing increasing sale volumes, home purchase prices and rents. Sales activity Overall sales activity in the Territory has been trending upwards since December quarter 2011. Territory dwelling sales (houses and units) increased by 1.9 per cent to 3297 in the year to March 2014 (Chart 10). Despite the recent increase in dwelling sales, volumes remain significantly below the levels observed between 2003 and 2009, when annual dwelling sales averaged 4178. The number of housing finance commitments for owner occupation (excluding refinancing) increased by 4.1 per cent to 3188 in the year to October 2014 (Chart 10). Chart 10: Territory Moving Annual Dwelling Sales and Housing Finance Commitments Source: ABS, Housing Finance, Cat. No. 5609.0; REINT, Real Estate Local Market Facts Land sales In 2013, annual land sales in the Territory increased by 25 per cent. This growth reflects recent land releases in the greater Darwin area with development of the new suburbs of Muirhead, Bellamack, Johnston and Zuccoli as well as the Coolalinga subdivision. Median Property Prices The Real Estate Institute of the Northern Territory (REINT) reported that, in the June quarter 2014, the median house prices in Inner Darwin decreased by 8.0 per cent to $860 000 and Palmerston increased by 3.5 per cent to $590 000 compared to the previous quarter (Chart 11). Quarterly data reported by REINT can be volatile. REINT reports the median price for all properties sold in the quarter and does not adjust for quality and location of houses sold. Alice Springs median house price increased by 0.8 per cent to $462 590 for the June quarter 2014. Median house prices increased by 8.1 per cent to $378 500 in Katherine and by 7.8 per cent to $291 000 in Tennant Creek. Chart 11: Territory Median House Prices Source: REINT, Real Estate Local Market Facts Capital city median house prices There are a number of data sources that report on median prices across all capital cities. The reported median price of each capital city may vary between sources due to different methodologies and geographical boundaries used. The Australian Property Monitors (APM) reports that in the September quarter 2014, the median house price in Darwin was $667 115, the second highest of all the capital cities. Median house prices in the other capital cities ranged from $322 274 in Hobart to $843 994 in Sydney (Chart 12). Compared to the September quarter 2013, the median Darwin house price declined by 1.7 per cent in the September quarter 2014. Darwin was the only capital city to record an annual decline in median house prices. Nationally, median house prices rose by 9.6 per cent compared to the same time last year. Darwin recorded the second highest median unit price ($456 113) of all capital cities in the September quarter 2014, behind Sydney. Median unit prices in the other capital cities ranged from $257 465 in Hobart to $580 861 in Sydney. 0 1000 2000 3000 4000 5000 6000 7000 04 05 06 07 08 09 10 11 12 13 14 Territory Dwelling Sales Housing Finance Commitments (Ex. refinancing) Year ended June Number 0 100 200 300 400 500 600 700 04 05 06 07 08 09 10 11 12 13 14 $'000 Year ended June Darwin Alice Springs Katherine Tennant Creek


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