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

Territory Economic Review 9 Compared to the September quarter 2013, the median unit price in Darwin increased by 5.7 per cent in the September quarter 2014. Darwin recorded the second highest annual growth rate of the capital cities, equal with Hobart, and behind Sydney (up by 12.1 per cent). Nationally, median unit prices increased by 7.3 per cent over the year. Chart 12: Capital city median house prices, September Quarter 2014 Source: APM, APM House Price Report The ABS Residential Property Price Indexes (RPPI) allows a comparison of movements in Darwin residential property prices relative to other capital cities. In the September quarter 2014, Darwins RPPI increased by 0.3 per cent. This reflects an increase of 0.3 per cent in the established house price index and an increase of 0.4 per cent in the attached dwelling price index. In comparison, the change in the RPPI in other jurisdictions ranged between a decline of 0.1 per cent in Perth to an increase of 2.7 per cent in Sydney. Nationally the RPPI grew by 1.5 per cent in the quarter. Chart 13: ABS Residential Property Price Indexes, quarterly change June 2014 Source: ABS, Residential Property Price Indexes, Cat. No. 6416.0 Vacancy Rates Compared to the June quarter 2013, rental vacancy rates for a three bedroom house in the June quarter 2014, increased by 3.4 percentage points to 6.7 per cent in Darwin, and by 0.1 percentage points to 3.3 per cent in Palmerston. They declined by 0.2 percentage points to 0.3 per cent in Katherine and remained flat in Alice Springs at 3.9 per cent over this period (Chart 14). Chart 14: Territory Vacancy rates* *3 bedroom house and 2 bedroom unit Source: Department of Treasury and Finance Rental Prices REINT reported that Darwin had the highest rent in an urban centre in the Northern Territory, with weekly median rent for a three bedroom house at $663 in the June quarter 2014. Rent in Alice Springs was $503 and $485 in Katherine. APM reports that the median weekly asking rent for a three bedroom house in Darwin in the September quarter 2014 was $663. In other capital cities, the median weekly rental asking price for a house ranged from $310 in Hobart to $510 in Sydney (Table 3). Table 3: Median House Rents, September quarter 2014 Median house rents Sydney1 $510 Melbourne1 $380 Brisbane1 $400 Perth1 $450 Adelaide1 $345 Hobart1 $310 Canberra1 $450 Darwin2 $663 Alice Springs2 $503 Katherine2 $485 Sources: 1APM, APM House Price Report; 2 REINT, Real Estate Local Market Facts 0 100 200 300 400 500 600 700 800 900 $'000 -1 0 1 2 3% 0 1 2 3 4 5 6 7 Darwin Palmerston Katherine Alice Springs Units Houses%


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