Employment market in NT shows promise for property investment
Figuring out where to buy residential investment property can be easier said than done. Obviously you want to buy real estate in an area people will want to live, but it's also essential to make sure there are enough people with steady incomes to create a viable pool of tenants.
Fortunately, the latest State of the States report from CommSec shows that the Northern Territory is ripe with investment potential.
"The Northern Territory and the [Australian Capital Territory] have arguably the strongest job markets in the nation," the report stated.
"Northern Territory has the second lowest trend unemployment rate in the nation at 3.9 per cent, but this jobless rate is actually over 9 per cent below its "normal" or decade average level of 4.3 per
The report goes on to say that NT leads the nation when it comes to economic growth, business investment and construction work.
With today's low interest rate environment for mortgage borrowers, this information could mean now is the ideal time to consider real estate investment in Darwin, whether it's in the city centre itself or property in Nightcliff and surrounding suburbs.
Also, with gains being seen in the business sector, commercial property investment in Darwin and beyond may be a solid move going forward.