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NT Outstrips National Economic Growth

Owners of property in Darwin should be satisfied that the Northern Territory economy is surpassing the rest of Australia, according to the latest indicator of economic activity from the Australian Bureau of Statistics (ABS). 

State final demand figures from the ABS found economic activity in the territory increased by 6 per cent in 2013, in comparison to a 0.9 per cent increase for national domestic final demand in the same  year. 

These statistics show that the economy in NT is growing at a much quicker pace than the rest of the country. 

"The territory recorded the highest year on year change of the jurisdictions, which ranged from a decline of 1.6 per cent in Western Australia to an increase of 1.8 per cent in New South Wales," Treasurer Mr Tollner said.

Economic growth in the territory was largely supported by investment in the construction industry. Recent infrastructure improvements and major construction projects are positive for continuing gains in the economy, while also providing employment opportunities for residents. 

There is also pleasing news for investment property owners, as a 2.6 per cent increase in household expenditure on rental costs and other dwelling services helped to support additional growth. 

Strong economic activity in the territory spells good news for owners and buyers of real estate in Darwin, as it lends towards higher values and great conditions for investment. 

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