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State of Markets - NT March 2013

Darwin properlty 2013

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

NORTHERN TERRITORY

Fast Figures

  • 310,000: projected population in 2030 (Northern Territory government)
  • 77%: household growth between 1996 and 2021 (ABS)

NT Loan misconceptions clarified
Misconceptions surrounding housing loans in the Northern Territory have been set straight by the territory’s minister for housing, Peter Chandler.

Mr Chandler clarified the HomeNorth housing loans details, explaining that the government would be re-aligning some existing loans to create fairness across existing government home assistance loans.

“We are now linking 293 HomeNorth loans to the Commonwealth Bank’s variable rate to fit with the other government home loans,” he said.

The loan holders will now pay an average of $43.30 more per week at the linked variable rate of 6.6 per cent.

Resource boom enters new phase
Darwin’s property market will continue to see strong economic growth, fuelled by a different resources sector, according to a property expert group.

With many mining projects nearing completion in Western Australia and the Northern Territory, James Spencer, market analyst at Propell National Valuers, said the growth would be driven by a number of gas projects.

“Mining growth has decreased, but the growth of gas projects like lchthys will continue to drive the economy,” Mr Spencer said.

“As the mining boom starts to cool, it may affect WA’s growth. However, NT will continue to grow with plenty of gas projects that could potentially rival past mining projects.”

In addition to these indicators, Mr Spencer also points to low unemployment and growing income as statistical signs that Darwin’s economy is booming.

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