Drop in new home sales during July highlight property opportunities

By Nick Syrimi

A recent release from the Housing Industry Association (HIA) has highlighted a drop in the number of new homes being sold across the nation. However, if you’re looking into purchasing property in Moil, you’ll see the market is moving towards a more sustainable level after explosive growth during the beginning of the year.

HIA Chief Economist Dr Harley Dale said the remainder of the year was expected to remain strong, especially with regards to actual new home building figures.

“In terms of forward indications, new home sales and building approvals may have peaked for the cycle but their levels remain historically elevated,” said Mr Dale in a 28 August statement.

“This situation, together with longer lag times and a repositioning of geographical momentum at this stage of the current cycle, combine to mean that 2014/15 will be another healthy year for new home construction.”

Now could be a great time to consider moving into the Northern Territory’s property market. With an impending population boom and a growing resources industry, Darwin and the surrounding regions are looking forward to large degrees of growth over the coming years.

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