Figures from the latest State of the States report from CommSec hold positive news for those considering residential or commercial property investment in the Northern Territory.
The April report stated that NT was the second strongest economy in the the country, falling behind only Western Australia.
“The main strengths are economic growth, business investment, unemployment and construction work,” the report continued.
“The Northern Territory is now second strongest on retail trade.”
Meanwhile, when it came to economic activity, NT was the clear standout. Activity is nearly 52 per cent above the decade-average level.
NT was also cited as having one of the strongest job markets in Australia, boasting the second lowest trend unemployment rate at 3.8 per cent.
However, NT remains the weakest region of the country for housing finance.
With economic activity posting such strong gains, it’s likely this trend will reverse in the near future. More jobs and economic growth could lead to greater demand for both residential and commercial property in Darwin and surrounding areas.
Therefore, savvy investors may find it a wise move to purchase real estate now before economic activity leads to steep real estate price rises as it has in many other parts of the country.