News

New home sales on the rise

By Nick Syrimi

Demand for housing is a major factor in how well a property investment will pay off. After all, if no one is looking to buy a home, selling yours for a high price will be much more difficult.

Fortunately, data shows that despite talk of a cool down in the housing market, new home sales were on the rise in June – a great sign for investors considering property in the Northern Territory.

The Housing Industry Association's New Home Sales Report shows that there was a 1.2 per cent increase in new home sales during June, as well as a 2 per cent rise during the June quarter. Much of this was thanks to multi-unit properties.

"Detached house sales increased by 2.6 per cent in the June 2014 quarter despite falling in the final month," HIA Chief Economist Dr Harley Dale said in a July 29 media release.

"Further, albeit modest growth in detached house sales last quarter, together with very elevated multi-unit sales, augers well for new residential construction in addition to wider elements of the domestic economy."

Growth in multi-unit sales could explain why Darwin saw a huge increase in unit capital growth on a yearly basis during the June quarter. Australian Property Monitors recorded a rise of 8.7 per cent.

Whether you're looking at detached property in Alawa or apartments in Darwin's CBD, it appears NT has much to offer property buyers.

Up to Date

Latest News