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Report Highlights Sentiment, Price Growth in NT

By Nick Syrimi

The Northern Territory was highlighted as one region where housing market sentiment improved during the first quarter of 2014, joining South Australia and New South Wales.

This came at a time when sentiment fell in both Victoria and Western Australia.

The National Australia Bank Residential Property Index increased 1 point during this time period, reaching a  high of 37, according to the NAB Quarterly Australian Residential Property Survey: Q1 2014. This was driven by strong gains in NT, SA and NSW.

Meanwhile, house prices are set to rise 2.2 per cent in NT during the next year.

While capital city house price growth is forecast to decline in the coming years, growth is still set to be considerable.

“After a very strong 2013, NAB modelling indicates that average capital city house prices will cool over the next 2 years, with NAB Economics forecasting average national house price growth of 5.4 per cent through the year to March 2015 and 4.4 per cent in the year to March 2016,” the report stated.

With NT seeing high sentiment and capital city price growth forecast to continue rising over the next couple of years, now may be the ideal time to invest in property in Darwin.

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