Rising dwelling prices in capital cities
The latest CoreLogic Hedonic Home Value Index released from RP Data highlights the overarching growth of capital city values across the nation. This could be great news for those interested in buying commercial property in the Northern Territory, with rising residential strength offering some insight into the developing economy in the local area.
For example, dwelling values rose by 2.2 per cent over the three months ending October 2014, with these increases beginning to level out into a more sustainable, moderate degree of growth. Furthermore, Darwin posted the highest rental yields for both houses and units in the nation – resting at 5.9 per cent and six per cent, respectively.
RP Data research director Tim Lawless said that capital city home values have risen a collective 8.9 per cent over the last 12 months, highlighting the development of the national economy as people react to the low interest rates permeating the real estate market.
"Looking at the increase in home values over the 12 months to October, it is clear that the rate of capital growth is continuing to moderate," said Mr Lawless in a November 3 statement.
These figures could offer some incentive to begin making moves into Darwin's commercial real estate market today.