Report Shows Business Improvement in NT
Now may be the ideal time to consider investing in commercial property in Darwin, as the latest State of the States report from CommSec details significant improvement in the Northern Territory's business markets.
"The Northern Territory is now the second strongest economy with main strengths being economic growth, construction work, retail trade, dwelling starts and a huge improvement in unemployment," the January 20 report stated.
"The Northern Territory is now third strongest in business investment."
With the NT economy ranking as the second strongest in the nation, commercial properties in the region are poised to grow in value. This is especially true regarding small and medium sized industrial properties, which are in high demand but short supply.
Increases in employment typically mean a greater need for commercial space, and more working Australians translates to a better performing local economy.
According to the CommSec report, NT has arguably one of the best job markets in Australia, with the second lowest unemployment rate at 4.2 per cent. In fact, the jobless rate is actually 1.4 per cent below its "normal" decade average.
Treasurer Dave Tollner also made a point of highlighting the fact that employment gains in NT during January were "primarily driven by an increase in full-time employment" in a February 13 media release.
All this and more makes now an exciting time for investors considering commercial property in Darwin and surrounding areas.