NT

The ONE area of Australia where wage rises have kept up with surging property prices

PHOTO: NT.COM

  • Northern Territory wages during the past two decades rose by 81.7 per cent
  • Property prices by comparison grew by 99 per cent since September 2001 
  • CoreLogic’s head of research Eliza Owen said transitory population was a factor

Wages in just one part of Australia have largely kept up with property price increases over the past two decades – the Northern Territory.

Salaries over the 20 years from September 2001 increased by 81.7 per cent compared with 99 per cent for property, a CoreLogic analysis showed.

The region has a more transient population which means there is less demand for owner-occupier housing.

That is very different to the rest of Australia, where wages rose by 81.7 per cent as real estate values went up by 193.1 per cent – or more than twice as much.

CoreLogic’s head of research in Australia Eliza Owen said high-paying jobs in the resources sector had largely boosted wages but not house prices in the NT.

Wages in one part of Australia have largely kept up with property price increases during the past two decades (pictured is a house on the market at Stuart Park in Darwin)

Wages versus property

NORTHERN TERRITORY: Wages up 81.7 per cent versus 99 per cent for property

TASMANIA: Wages up 79.6 per cent versus 294 per cent for property

AUSTRALIAN CAPITAL TERRITORY:  Wages up 81.5 per cent versus 224 per cent for property

VICTORIA: Wages up 82.3 per cent versus 209.1 per cent for property

NEW SOUTH WALES: Wages up 83.5 per cent versus 198.3 per cent for property

QUEENSLAND: Wages up 84.4 per cent versus 179.7 per cent for property

SOUTH AUSTRALIA: Wages up 82.3 per cent versus 171.6 per cent for property

WESTERN AUSTRALIA: Wages up 81 per cent versus 139.2 per cent for property

Source: CoreLogic analysis comparing  September 2001 and September 2021

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