The capital cities of Australia have plenty to offer in the way of culture, entertainment and amenities.
First-class dining, world-class performances and access to state-of-the-art medical care can all be found in these areas, so it’s no wonder home buyers are clamouring to call them home.
But it’s not just residential real estate buyers who should have their eyes on these regions. PricewaterhouseCooper (PwC) recently reported the country also depends on its capital cities for a major amount of its economic output, especially in the central business districts.
The CBDs of Darwin, Perth, Canberra, Melbourne and Brisbane were all said to have experienced compounded annual growth of more than four per cent each year since 2001. Darwin was the leader in this regard, posting a rate of 5.2 per cent.
High economic output is a key indicator of a region’s business prospects, and is something companies seeking commercial real estate should keep in mind.
With the Northern Territory’s capital city leading the nation for compounded annual growth in CBDs, nabbing Darwin commercial property before it grows further in value could be an affordable way to set up shop in the region.