Katherine house prices are falling

House prices have fallen sharply in Katherine, NT Treasury data reveals.
House prices have fallen sharply in Katherine, NT Treasury data reveals.

Katherine house prices have dropped about $39,000 in the past year, the NT Parliament has been told.

NT Treasury information shows median house prices have fallen from $349,000 down to $310,000 on average in Katherine.

Treasurer Nicole Manison presented the information to a parliamentary estimates hearing this week.

Ms Manison said the NT Government is soon to release a population strategy to try and boost population across the NT.

“Ultimately you need people to create that housing demand and to stimulate that growth and that need for investment,” she said.

“What we need to do is ensure that we have more people moving to the Northern Territory and buying into the Territory.”

Ms Manison said the median weekly house rent in Darwin and Palmerston was $494, it is down to $477.

Alice Springs has increased from $490 to now being at $500.

Katherine media house rents have gone from $440 a year ago to $410 in the March quarter of 2018.

The weekly median unit rental price in Darwin has gone from $375 to $366, in Alice Springs it has increased from $363 to $390, in Katherine it has gone down from $325 to $315 she said.

Ms Manison said there had been “great success” with first homeowner initiatives involving stamp duty concessions.

She said 36 had been taken up in Katherine.

Ms Manison said more than 1200 people across the NT buying their first home using the First Home Stamp Duty Discount and almost 900 undertaking renovations – through the Government’s $10,000 renovation grant.

She said 1266 people have taken up the discount offer, which provides a discount of up to $23,928.60 off your stamp duty for an established property, including:

  • Darwin – 543
  • Palmerston – 312
  • Darwin Rural area – 91
  • Alice Springs – 275
  • Katherine – 36
  • Tennant Creek – 6
  • Tiwi Islands – 1
  • Nhulunbuy – 2

Minister Manison said a majority of these first homeowners had also taken up the $10 000 home renovation package, to make immediate improvements around their new homes.

The $10,000 home renovation grant ends on September 30.