Employment in the Northern Territory continues to serve as a positive indicator of potential growth for Darwin commercial property.
Not only is employment on the rise in NT, the region also came in with the second lowest unemployment rate in the nation, falling for the eight consecutive month, according to data released by the Australian Bureau of Statistics (ABS) on April 10.
“There are 9,500 more Territorians in full-time work,” said Treasurer David Tollner in an April 10 media release.
“Today’s ABS data shows trend full-time employment in the Territory in March increased by 0.4 per cent compared to the previous month. This was the highest monthly change in employment in the nation. Nationally, trend employment grew by 0.1 per cent.”
More jobs in NT can only be good for commercial property in Darwin and the rest of the territory. An increase in employment indicates business expansion, which in turn usually means growth in the commercial real estate sector.
As more companies outgrow their current surroundings, there will likely be a higher demand for office, retail and industrial real estate in Darwin and beyond. The fact that many of these new jobs are full-time also serves as a positive factor, showing businesses are looking for more than just seasonal or temporary, part-time workers.