Territory Stories

Budget papers 2008 - 2009

Details:

Title

Budget papers 2008 - 2009

Other title

2008/09 Budget paper

Creator

Northern Territory. Department of Treasury

Collection

Northern Territory budget papers; Reports; PublicationNT

Date

2008-05-06

Notes

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Language

English

Subject

Appropriations and expenditures; Periodicals; Budget; Finance, Public

Publisher name

Northern Territory Government

Place of publication

Darwin

Volume

2008/09

File type

application/pdf

Use

Attribution International 4.0 (CC BY 4.0)

Copyright owner

Northern Territory Government

License

https://creativecommons.org/licenses/by/4.0/

Parent handle

https://hdl.handle.net/10070/244906

Citation address

https://hdl.handle.net/10070/591614

Related items

https://hdl.handle.net/10070/591610; https://hdl.handle.net/10070/591616; https://hdl.handle.net/10070/591612; https://hdl.handle.net/10070/591602; https://hdl.handle.net/10070/591605; https://hdl.handle.net/10070/591607; https://hdl.handle.net/10070/591608

Page content

12 Economy Overview 2008-09 Budget Residential Property Markets Residential property markets in the Territory have performed strongly over the past five years. Land sales in the Territory, driven by strong population and economic growth, peaked in 2007 and have been declining since. Nevertheless, a number of new residential subdivisions are planned for release over the next few years that will help to moderate prices growth for land and, in turn, help to alleviate pressures on affordability. Prices growth for houses and other dwellings moderated in most major centres in 2007, reflecting the impact that rising interest rates and falling affordability levels have had on demand. Home loan affordability in the Territory declined to its lowest level on record in 2007. Nevertheless, the Territory continues to have the second highest level of affordability of the jurisdictions. Darwin Palmerston Katherine Tennant Creek Alice Springs December quarter Median price $000 Annual change % Median price $000 Annual change % Median price $000 Annual change % Median price $000 Annual change % Median price $000 Annual change % 2002 208.0 9.5 187.0 10.5 144.0 3.8 70.0 -17.6 181.0 5.7 2003 230.0 10.6 202.5 8.3 147.0 2.1 74.0 5.7 225.0 24.3 2004 260.0 13.0 240.0 18.5 158.0 7.5 76.5 3.4 250.5 11.3 2005 328.0 26.2 300.0 25.0 169.7 7.4 89.5 17.0 280.0 11.8 2006 370.0 12.8 342.5 14.2 225.0 32.6 100.0 11.7 281.0 0.4 2007 412.5 11.5 380.0 10.9 268.5 19.3 102.5 2.5 312.0 11.0 Average annual growth rate (%) 14.7 15.2 13.3 7.9 11.5 5-year growth rate (%) 98.3 103.2 86.5 46.4 72.4 Source: Real Estate Institute of the Northern Territory Median House Prices