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State of Markets - NT January 2013

By Staff Reporter

Essential information, plus expert insight on what is shaping the national property market...

NORTHERN TERRITORY

Fast Figures

  • 10.22%: Average annual growth, Darwin (RP Data)
  • 59: Median time on market (RP Data)

Construction set to grow
Housing construction is set to surge across one state with new government plans soon to be announced.
Construction across the Northern Territory will see growth, according to housing minister Peter Chandler, yesterday.

“In the coming weeks we will detail the government’s plans to overcome the housing crisis,” Mr Chandler said. “As promised, we are developing a clear direction to help increase the supply of all forms of housing, owned or rented, public or private.”

“We have a target of creating conditions so that 2,000 new affordable and industry rental homes are built over the next four years,” he said.

Residential developments to stabilise market
Land releases and affordable housing options are set to come back on to the market in Alice Springs in the Kilgariff subdivision project.

This project is being fast-tracked in the hopes of stabilising the housing market, said minister for infrastructure, Adam Giles.

“At the Alice Springs housing forum in 2008 there were plenty of glossy brochures that outlined ideas for residential development across the town, including the Kilgariff subdivision,” Mr Giles said.

However, unused funds are being fast-tracked into the development to build a ‘spine road’ to the middle of the site, as well as the key drainage and essential services work.

“The Territory government’s priority is to make sure home blocks are developed, so they can be put on the market in a timely manner. We want to stabilise the housing market,” he said.

Works could be completed as early as 2013.

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Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
FAIRLIGHT 46.02%
2.
CASUARINA 44.36%
3.
THE ENTRANCE NORTH 41.09%
4.
ULTIMO 40.67%
5.
LAVENDER BAY 40.2%