Home building outlook is positive
More construction usually means greater affordability for home buyers – something both families seeking a home and investors looking for an asset can appreciate.
The latest Housing Forecast Update from the Housing Industry Association (HIA) contains positive news for both parties, as it states a recovery in new home building is well and truly underway.
The HIA has forecast 180,000 dwelling commencements across the nation during this year – an annual increase of 8.2 per cent from 2013.
"Record low interest rates have unlocked pent-up demand at a faster pace than first looked likely," the report stated.
"The outlook for 2014 and 2015 in terms of dwelling commencements is a positive one, with interest rates remaining relatively low and continuing dwelling price growth."
The Northern Territory is expected to see a slight decline in dwelling starts during 2014, reaching 1,800, before falling again in 2015 to 1,700. However, starts are forecast to reach 1,800 again in 2016.
The rising confidence in new home building could make now a good time to start considering property in Wagaman and surrounding regions, as more construction is likely to reduce competition and make entering the market easier.