Darwin Property Market Update
Current statistics from REINT’s latest quarterly publication have indicated that inner Darwin median house price increased 5.4% over the year, however the last quarter (April – June) saw no increase. Also with interest rates at an all time low now is the right time for Investors to buy Real Estate in Darwin.
The Northern Territory has the second lowest unemployment rate in the nation, the highest economic growth and the strongest annual growth in finance to property investors.
While the Darwin market has steadied itself it still remains’ sturdy. Indicators such as low vacancy rates and a shortage of housing mean that, while prices may have stabilised and might not increase much in the short term, investors with a long-term view will still do well.
Rismark International chief executive officer Ben Skilbeck said “With year-on-year gross total returns being 10 per cent (in Darwin), and borrowing costs close to half of this, it is likely investors will continue to be attracted in to the market.”