Now could be a brilliant time to consider building your own commercial property in Darwin, with both residential and non-residential construction growing higher than the national average. Deputy chief minister Peter Chandler said that recent Australian Bureau of Statistics data has found building activity in the Northern Territory rose almost $2 billion over the 2013/14 financial year.
This increase has been coupled with one of the largest land release programs seen in the history of the state. When coupled with the massive reductions to red tape being seen across the region, now could be a brilliant time to consider your own investment opportunities in the area.
"The data shows total building activity increased by 12.5 per cent to $1.9 billion. This was the highest year-on-year growth of all the jurisdictions. Nationally, growth was 5 per cent over the same period," said Mr Chandler in a 15 October statement.
Furthermore, residential construction was up by 27.9 per cent over the same period – up to $777 million. Non-residential property construction also rose by 3.7 per cent over the 2013/14 financial year, reaching a huge $1.1 billion for the state.
Get in touch with a local real estate agent to begin working towards your own commercial property in the Northern Territory today.