- 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 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
READ MORE VIA THE DAILY MAIL