NT Economic Activity Beats Rest of Nation
In what could be great news for owners of commercial property in Berrimah, Winnellie and surrounding regions, figures from the Australian Bureau of Statistics show that the Northern Territory’s economy is outperforming the rest of the nation.
Economic activity increased 6 per cent in NT during 2013, reaching $28 billion, based on state final demand.
“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 Dave Tollner said in a March 5 media release.
“Nationally, domestic final demand increased by only 0.9 per cent in 2013.”
Much of this economic growth was attributed to increases in private sector non-dwelling construction investment, which grew by 27.5 per cent during 2013.
Increased economic activity is likely to attract more investment to NT, and with it a greater need for both residential and commercial property. If this growth continues, it act as a boon for Darwin commercial property and other sectors.
In addition to real estate, economic growth in NT was also attributed to increases in household consumption.