Residential property market to heat up in the Northern Territory
The impact of a number of high-profile resource projects in the Northern Territory have begun to spread across the wider community, according to a recent report.
Forecasting activities performed by Deloitte Access Economics for its Business Outlook research in the March quarter of 2012 has shown that the NT's economic activities have the capacity to entertain a growth rate of 4.4 per cent over the next five years.
This figure is up from previous projections which painted the region as lacking in economic momentum when compared to other parts of the nation and is well outside of the predicted national rate.
According to the territory's treasurer Delia Lawrie, the growth is being driven by private construction in both commercial and residential real estate sectors as resource exports also take off.
Ms Lawrie asserted: "The report forecasts the Territory’s economy to surge from 1.6 per cent growth in 2010-11 to 3.5 per cent in 2011-12, a great result in difficult global conditions.
"Over the next five years, the Territory economy is tipped to grow at 4.4 per cent, the second fastest in Australia, and well above the national rate of 3.2 per cent."