Good morning, Ruth, Good morning Katie.

Good morning, Ruth, Good morning Katie.

Now Ruth, tell me what was the aim of the report.

Now Ruth, tell me what was the aim of the report.

Yeah, thanks Kenny. So I've kind of been wanting to do this for a while, but it's about being able to sort of get the data, get the numbers, and obviously have the support backing to be able to produce the document. So I wanted to create a one stop shop style document that could be used by everyone here in the territory, but also to investors and for you know, sort of agents to give to people as well. So I want to enter the government to and now be able to look at data in an all in one document, so we really can now track the trends of the COLP government being elected in August, so we can now track to see if what they're doing is actually working and we'll be able to see that now every single quarter to our data.

Yeah, thanks Kenny. So I've kind of been wanting to do this for a while, but it's about being able to sort of get the data, get the numbers, and obviously have the support backing to be able to produce the document. So I wanted to create a one stop shop style document that could be used by everyone here in the territory, but also to investors and for you know, sort of agents to give to people as well. So I want to enter the government to and now be able to look at data in an all in one document, so we really can now track the trends of the COLP government being elected in August, so we can now track to see if what they're doing is actually working and we'll be able to see that now every single quarter to our data.

That's good. It is good to be able to keep an eye on that and see where the policy changes and different things that are happening, if they are making a positive or you know, any kind of impact.

That's good. It is good to be able to keep an eye on that and see where the policy changes and different things that are happening, if they are making a positive or you know, any kind of impact.

Tell us a.

Tell us a.

Little bit about what some of the key findings are from this report.

Little bit about what some of the key findings are from this report.

Yes, so what we noticed, So this goes by the December numbers, so this is the quarter that we're tracking initially, and then the next one in May will obviously do our March numbers. So what we've seen is there is the in house prices are dipping, but rents are going up. So in the last five years in Darwen, you know, we jumped fifty percent in our rents, but we're seeing our median house prices drop and that's really larmed for rentals is up, but there's no one buying or there's not enough supply to be able to support the housing markets. So you know, if we look at that a bit deeper, so you know, you've got the inflation rates, you've got lending conditions, that's height. So more people are just looking at the rental market and people are now cautious as well, and they're struggling to sell. You know, some of our valuations aren't matching their mortgages anymore because of that interest rate heights. So you know, we are seeing this sort of weird stage where house prices dip but rents go up. So that's something that we really need to look at reversing, especially if we want to keep things affordable, but also so people can have sort of equity or you know, finances that in their properties that they can use.

Yes, so what we noticed, So this goes by the December numbers, so this is the quarter that we're tracking initially, and then the next one in May will obviously do our March numbers. So what we've seen is there is the in house prices are dipping, but rents are going up. So in the last five years in Darwen, you know, we jumped fifty percent in our rents, but we're seeing our median house prices drop and that's really larmed for rentals is up, but there's no one buying or there's not enough supply to be able to support the housing markets. So you know, if we look at that a bit deeper, so you know, you've got the inflation rates, you've got lending conditions, that's height. So more people are just looking at the rental market and people are now cautious as well, and they're struggling to sell. You know, some of our valuations aren't matching their mortgages anymore because of that interest rate heights. So you know, we are seeing this sort of weird stage where house prices dip but rents go up. So that's something that we really need to look at reversing, especially if we want to keep things affordable, but also so people can have sort of equity or you know, finances that in their properties that they can use.

Yeah, can you talk us through with those house prices, I mean the house and unit prices. Are we seeing some positive numbers.

Yeah, can you talk us through with those house prices, I mean the house and unit prices. Are we seeing some positive numbers.

Well? So the meeting house prices for Darwin dropped five percent from last year, so we're down to around that five hundred and sixty median house price. And you know this this isn't good news for people wanting to sell their properties because some people have purchased properties over the years that were higher. So you know, we sort of see people then trapped in what we call mortgage prison. You know, they can't sell because they can't make their payment of their mortgage. So you know, this shows that you know, the capital growth isn't here in Darwin. We're not seeing the increases that we should be seeing year on year and it's definitely not sort of reflective on those on those rental increases we see, so you know, looking at that, but then there's that supply issue. So cost the construction we know is really high, but we need to see sort of those policy announcements coming from the government that the Fast Track Approvals Task Force is working on around how we can sort of get some a the units up, but also some housing, especially in our urbanized areas, you know the infield piece setting those up and to make things to make that supply more viable. Really, so you know that demand than is driven, but it's a whole level of things. It's population, it's the economy, and it's the sad thing is the property crime.

Well? So the meeting house prices for Darwin dropped five percent from last year, so we're down to around that five hundred and sixty median house price. And you know this this isn't good news for people wanting to sell their properties because some people have purchased properties over the years that were higher. So you know, we sort of see people then trapped in what we call mortgage prison. You know, they can't sell because they can't make their payment of their mortgage. So you know, this shows that you know, the capital growth isn't here in Darwin. We're not seeing the increases that we should be seeing year on year and it's definitely not sort of reflective on those on those rental increases we see, so you know, looking at that, but then there's that supply issue. So cost the construction we know is really high, but we need to see sort of those policy announcements coming from the government that the Fast Track Approvals Task Force is working on around how we can sort of get some a the units up, but also some housing, especially in our urbanized areas, you know the infield piece setting those up and to make things to make that supply more viable. Really, so you know that demand than is driven, but it's a whole level of things. It's population, it's the economy, and it's the sad thing is the property crime.

Yeah, hey, Ruth, you spoke then about sort of the Darwin region. What's the situation with Alice Springs. I understand that the you know, their property values have gone down a substantial amount.

Yeah, hey, Ruth, you spoke then about sort of the Darwin region. What's the situation with Alice Springs. I understand that the you know, their property values have gone down a substantial amount.

Yeah, absolutely, So Alice Springs, it's a little bit of a harder time that they're going through. So they saw quite a big drop with their median median rents, but also they've got the same pieces that their rents are increasing. And a large thing with this as well is around that crime and community safety, so that you know, Alice is under significant pressure the property market. Soft construction activity is limited because there's a real lack of workforce, but the there's also a lack of supply. There is there's land available down in Alice Springs, but it's about how do you get the construction activity there to be able to build these properties. So people down at Alice Springs bought properties for around that seven hundred and fifty thousand dollar mark. They're now worth about five point fifty. So Alice Springs has a real challenge, especially with that mortgage mortgage prison. People cannot sell and there's double their houses on the market down there, so they are really in a tough situation. And I'm heading for Alice Springs today, so I'm looking forward to be able to talk to people and sort of give them a real insight into sort of what this document will be able to show, but also how we can sort of all work together to be able to get the entire territory back on tracking.

Yeah, absolutely, So Alice Springs, it's a little bit of a harder time that they're going through. So they saw quite a big drop with their median median rents, but also they've got the same pieces that their rents are increasing. And a large thing with this as well is around that crime and community safety, so that you know, Alice is under significant pressure the property market. Soft construction activity is limited because there's a real lack of workforce, but the there's also a lack of supply. There is there's land available down in Alice Springs, but it's about how do you get the construction activity there to be able to build these properties. So people down at Alice Springs bought properties for around that seven hundred and fifty thousand dollar mark. They're now worth about five point fifty. So Alice Springs has a real challenge, especially with that mortgage mortgage prison. People cannot sell and there's double their houses on the market down there, so they are really in a tough situation. And I'm heading for Alice Springs today, so I'm looking forward to be able to talk to people and sort of give them a real insight into sort of what this document will be able to show, but also how we can sort of all work together to be able to get the entire territory back on tracking.

Event Well, look, we'll talk about that in a sick I do want to know though, in terms of, you know, renters, what did the report identify for renters across the Northern territory.

Event Well, look, we'll talk about that in a sick I do want to know though, in terms of, you know, renters, what did the report identify for renters across the Northern territory.

Yeah, so in Darwin especially Dallen, rents are up by fifteen percent year on year, but over the past five years rents have increased by fifty percent, So that's quite a big jump when you're looking at sort of how you know, encouraging people to come to the territory or encouraging the younger generation to maybe move out of home from mum and dad and sort of looking at getting into their own place. And if we're sort of looking at the international students as well, you know, these are quite big numbers for students to then trying to be able to afford when we're looking at that rental increase, when we know that cost of living pressures are already quite high, so that it is a tricky situation because it's, as I said before, it's really not matching the house prices. So usually you sort of see the house is five hundred thousand dollars. Usually your rents are, you know, five hundred dollars a week, but we're really not seeing that. So it's it's difficult. It's a difficult one to sort of navigate, and we need to sort of see the conditions stabilize so we can make sure that we're supporting people in the rental market but also those home buyers. But that's all about supply. So how do we create more supply to be able to have more choice that there's got to be the demand. Well, we saw as well, you know, the construction and building approvals were down like thirteen percent, so we only saw eighty four new dwellings in the last quarter over the entire territory.

Yeah, so in Darwin especially Dallen, rents are up by fifteen percent year on year, but over the past five years rents have increased by fifty percent, So that's quite a big jump when you're looking at sort of how you know, encouraging people to come to the territory or encouraging the younger generation to maybe move out of home from mum and dad and sort of looking at getting into their own place. And if we're sort of looking at the international students as well, you know, these are quite big numbers for students to then trying to be able to afford when we're looking at that rental increase, when we know that cost of living pressures are already quite high, so that it is a tricky situation because it's, as I said before, it's really not matching the house prices. So usually you sort of see the house is five hundred thousand dollars. Usually your rents are, you know, five hundred dollars a week, but we're really not seeing that. So it's it's difficult. It's a difficult one to sort of navigate, and we need to sort of see the conditions stabilize so we can make sure that we're supporting people in the rental market but also those home buyers. But that's all about supply. So how do we create more supply to be able to have more choice that there's got to be the demand. Well, we saw as well, you know, the construction and building approvals were down like thirteen percent, so we only saw eighty four new dwellings in the last quarter over the entire territory.

And you know, this is a difficult thing, right We've been talking about it so much. You and I have spoken about it before. I mean, we spoke about it with the Treasurer a little bit earlier this morning, we spoke about it at the with the DAHA Major Business Group earlier in the week. We really need to get the economy moving, you know, it's not just about those major projects, but getting other things moving across the Northern Territory. The government seems as though they are trying to push things in the right direction with getting crime and law and order under control, also trying to get things moving with approval processes. Ruth, I mean through the work that you guys have done and through this report, are people receptive to that?

And you know, this is a difficult thing, right We've been talking about it so much. You and I have spoken about it before. I mean, we spoke about it with the Treasurer a little bit earlier this morning, we spoke about it at the with the DAHA Major Business Group earlier in the week. We really need to get the economy moving, you know, it's not just about those major projects, but getting other things moving across the Northern Territory. The government seems as though they are trying to push things in the right direction with getting crime and law and order under control, also trying to get things moving with approval processes. Ruth, I mean through the work that you guys have done and through this report, are people receptive to that?

I think so, Katie. We had an event last night with one hundred and twenty people down at the Museum where we launched this report but also put on our annual property market updates, and you can see so that you know. The big thing at the moment is there's a lot of investor interest into housing. So we're seeing these buyers agents that you are looking after down South investors, So people are buying the houses sit unseen and they're not even generally going to market, so these properties are getting snapped up. So you can see that the eyes are starting to shift to the Northern territory. And I think as well, because we are affordable, people are snapping up these houses because they know that the rents are high, so they're getting a really good return on these properties because of the rents. So while it's good that we've got the investors coming in, we still need to make sure we have the right balance around that affordability piece. But you know, the things that the government is working on and we've sort of been talking about, is really fast track planning those approvals and especially around the commercial conversion, sort of getting that on track, but supporting the affordable housing, but also investing in the infrastructure and transport. So you know, we know transport networks but also airfares are a real big issue across the territory, So how do we invest in that, And you know we've seen with the federal budget there wasn't a lot for the territory, so you know, we really are going to have to hold our own here to be able to get this back on track. But I do want to just point out with our crime figures, our property crime statistics, we had about eight hundred eighteen hundred property crimes recorded in December across the whole territory. Six hundred and eight of them alone were in Alice Springs, which is about thirty four percent of the whole whole data. But pleasingly, in January stats our Springs had come down to three hundred and eight, so that's almost half now that their property crime had dropped in a month, So whether that's because we have do have a new legislation that's come through. So this is where it's going to be our it's going to be good to be able to trust the trend and sort of balance it all out. Okay, so this has happened here, what's happened with prices? Now?

I think so, Katie. We had an event last night with one hundred and twenty people down at the Museum where we launched this report but also put on our annual property market updates, and you can see so that you know. The big thing at the moment is there's a lot of investor interest into housing. So we're seeing these buyers agents that you are looking after down South investors, So people are buying the houses sit unseen and they're not even generally going to market, so these properties are getting snapped up. So you can see that the eyes are starting to shift to the Northern territory. And I think as well, because we are affordable, people are snapping up these houses because they know that the rents are high, so they're getting a really good return on these properties because of the rents. So while it's good that we've got the investors coming in, we still need to make sure we have the right balance around that affordability piece. But you know, the things that the government is working on and we've sort of been talking about, is really fast track planning those approvals and especially around the commercial conversion, sort of getting that on track, but supporting the affordable housing, but also investing in the infrastructure and transport. So you know, we know transport networks but also airfares are a real big issue across the territory, So how do we invest in that, And you know we've seen with the federal budget there wasn't a lot for the territory, so you know, we really are going to have to hold our own here to be able to get this back on track. But I do want to just point out with our crime figures, our property crime statistics, we had about eight hundred eighteen hundred property crimes recorded in December across the whole territory. Six hundred and eight of them alone were in Alice Springs, which is about thirty four percent of the whole whole data. But pleasingly, in January stats our Springs had come down to three hundred and eight, so that's almost half now that their property crime had dropped in a month, So whether that's because we have do have a new legislation that's come through. So this is where it's going to be our it's going to be good to be able to trust the trend and sort of balance it all out. Okay, so this has happened here, what's happened with prices? Now?

Like we have to see the trend, we hope, so we do hope that we start to see some change in that space. Ruthie, we're going to have to leave it there. We're about to catch up with the with Angus Taylor, the federal shadow Treasurer. So we really appreciate your time this morning. Thanks so much for joining us, very much appreciate it.

Like we have to see the trend, we hope, so we do hope that we start to see some change in that space. Ruthie, we're going to have to leave it there. We're about to catch up with the with Angus Taylor, the federal shadow Treasurer. So we really appreciate your time this morning. Thanks so much for joining us, very much appreciate it.

Katie, thank you

Katie, thank you