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Survey released shows confidence in NT

  • April 23, 2015

Survey released shows confidence in NT

The latest ANZ / Property Council Survey released today shows the NT looking strong across the majority of key indicators.

The quarterly survey is one of the largest measures of business confidence in Australia.

NT Director Ruth Palmer welcomed the results and said it shows the Territory is stable across the board for residential and industrial projects.

“This latest survey shows confidence over the 12 months to June 2015 increased by 8 points,” Ms Palmer said.

“Construction on the Ichthys gas project is scheduled to peak this year with an expected workforce of 5,000 people, which is underpinning strong residential demand in the Territory.”

The Industrial sector also remains strong and is forecast to be steady over the next couple of years, with expectations of capital expenditure over the next twelve months, the highest since September 2014.

“We are expecting continued moderate growth in the industrial sector reflecting the steady supply of industrial land that has come onto the market in the last 2 years which looks set to continue,” Ms Palmer said.

The NT has seen a decrease in Tourism numbers over the last few years, which has led to the Retail sector not performing at its peak.

“Darwin retail performance is very much driven by the Wet and Dry seasons, and the timing of this current survey reflects the results of the retail industry in the wet season when consumer prices are below average. During the dry season when the city is bustling with activity those figures tend to rise,” Ms Palmer said,

“Capital growth expectations for office stock in the NT remain negative, primarily due to supply already on the market and relatively elevated vacancy rates. At the other end of the spectrum, however expectations for new investment in retirement living and hotel stock are well into positive territory.

“Overall the survey shows that the property sector in the NT is tracking well and tending towards growth. This is great news for Territorians as it means better diversity in our local economy and therefore more resilience to future changes in other sectors.”

 

Media contact: Ruth Palmer | M 04 428 314 | E [email protected]