Rising residential approvals highlight strengthening communities
The latest release from the Australian Bureau of Statistics has highlighted the rising residential housing approvals seen across the Northern Territory over the September quarter, emphasising the growing strength of the market. This could offer a great opportunity for investment in commercial real estate in Darwin over the coming months.
These figures illustrated the strength seen during the beginning of the financial year, with the Housing Industry Association (HIA) highlighting the that the total residential approvals for the September 2014 quarter rose by 20.6 per cent.
HIA Northern Territory executive director Robert Harding said: "While the trend shows that activity is currently below the peak reached in mid-2013, overall levels are still elevated compared with broader history."
This could offer some insight into the developing market over the coming months, especially if the official cash rate remains at the historically low level of 2.5 per cent. After being reduced back in August 2013, a number of people have made significant investments after taking advantage of the low interest rates across the market.
Now could be a great time to get in touch with a local real estate agent to begin discussing the commercial possibilities in the Northern Territory.