Ms SACILOTTO - 2005-08-17
Recently, the Real Estate Institute of the Northern Territory was publicly advocating the great strength of the real estate sector. Can the Treasurer advise the House if they have good grounds for being confident?
ANSWER
Madam Speaker, I thank the member for Port of Darwin for her question. She might have got out the game at the wrong time and come into this House, because real estate agents are doing it pretty well in Darwin and the Northern Territory overall.
The Real Estate Institute of the Northern Territory recently announced, in their June 2005 report, the headline, Oh! What a Year. I guess that tells us that they believe they are doing all right.
The Real Estate Institute of the Northern Territory report shows that median house prices have increased across all centres, and median unit prices have increased as well. In Darwin, unit prices have increased 6.6%, houses 9.7%. In Alice Springs, house prices increased 12%, unit prices 19.3%.
Vacancy rates are at amazingly record low levels. As a renter in Darwin seeking a unit in recent times, the only ones available were those that were being completed and coming straight onto the market. In years past, when we had lower vacancy levels, those that were vacant were normally the bottom end of the market. We are not seeing that; it is actually the brand new units coming onto the market that are vacant - and vacant for perhaps a week or two weeks at most. We have record rates of 1.9% for all houses and units and, as I said, it is historically low. In Palmerston, the figures are 1.6%; in Katherine, 2.3%; and Alice Springs, 3%.
The volume of sales has also reached a record $1.246bn, up 17.5% over the previous year. They show a strong real estate market and, of course, evidence of confidence in the economy. It also indicates movement of population to the Northern Territory, as well as investment by young Territorians moving out of their parents’ homes, so we are getting generation slip-up as well.
They also indicate polices - such as HomeNorth, which has been outstandingly successful, stamp duty cuts, improvements in first home owner thresholds - are all working in a complementary fashion to keep the Northern Territory moving ahead. It is good for the economy, and it is good all round for people feeling confident to invest and to spend in the Northern Territory. I table a copy of the REINT Real Estate Local Market Analysis for 2004-05.
ANSWER
Madam Speaker, I thank the member for Port of Darwin for her question. She might have got out the game at the wrong time and come into this House, because real estate agents are doing it pretty well in Darwin and the Northern Territory overall.
The Real Estate Institute of the Northern Territory recently announced, in their June 2005 report, the headline, Oh! What a Year. I guess that tells us that they believe they are doing all right.
The Real Estate Institute of the Northern Territory report shows that median house prices have increased across all centres, and median unit prices have increased as well. In Darwin, unit prices have increased 6.6%, houses 9.7%. In Alice Springs, house prices increased 12%, unit prices 19.3%.
Vacancy rates are at amazingly record low levels. As a renter in Darwin seeking a unit in recent times, the only ones available were those that were being completed and coming straight onto the market. In years past, when we had lower vacancy levels, those that were vacant were normally the bottom end of the market. We are not seeing that; it is actually the brand new units coming onto the market that are vacant - and vacant for perhaps a week or two weeks at most. We have record rates of 1.9% for all houses and units and, as I said, it is historically low. In Palmerston, the figures are 1.6%; in Katherine, 2.3%; and Alice Springs, 3%.
The volume of sales has also reached a record $1.246bn, up 17.5% over the previous year. They show a strong real estate market and, of course, evidence of confidence in the economy. It also indicates movement of population to the Northern Territory, as well as investment by young Territorians moving out of their parents’ homes, so we are getting generation slip-up as well.
They also indicate polices - such as HomeNorth, which has been outstandingly successful, stamp duty cuts, improvements in first home owner thresholds - are all working in a complementary fashion to keep the Northern Territory moving ahead. It is good for the economy, and it is good all round for people feeling confident to invest and to spend in the Northern Territory. I table a copy of the REINT Real Estate Local Market Analysis for 2004-05.
Last updated: 09 Aug 2016