State of Markets – NT December 2011

By Phillip Tarrant 01 December 2011 | 1 minute read

Essential information, plus expert insight on what is shaping the national property market...

NORTHERN TERRITORY

Fast Figures

  • 88% – 5 year growth in Katherine, NT
  • $260,000 – average unit price in Katherine, NT

Now is the time to invest: LJ Hooker
High demand for NT rental properties and low vacancy rates make it the perfect time to invest in the Top End, according to real estate group LJ Hooker.

Darwin and Palmerston’s operations manager, George Pikos, said these were compelling reason to consider buying an investment property.

The rental vacancy rate in Greater Darwin is only 2.4 per cent, the lowest in the country, and it’s still on the decline, Mr Pikos said.

“That’s good news for landlords,” he said.

“Investors are watching Darwin and Palmerston property markets closely. With plenty of incentives, I am confident we are going to see a spike in investment purchases.”

Darwin property tipped to soar
Darwin property prices are set to rise by 16.5 per cent in the next three years, according to a leading economic forecaster.

“Interstate projects such as the Olympic Dam mine expansion in South Australia would help feed the Territory price rise indirectly as the shipments would come through the north, boosting the economy,” BIS Shrapnel senior project manager Martin Bregozzo said.

Higher income levels stemming from the mining boom were also a contributing factor, he said.

A recent BIS Shrapnel report found the underlying strength of the Australian economy, stable interest rates in the short term and high immigration would be the main drivers of this growth.

These sentiments were echoed by Australian Property Monitors’ senior economist, Andrew Wilson.

Mr Wilson told Smart Property Investment that despite repeated speculation about a property crash, Australia has the fundamentals in place for future growth.

“Over the medium to longer term, there is always the prospect of growth in the Australian property market because the fundamentals are very strong. These are a shortage of supply, a growing population and a robust economy,” he said.

About the author

Phillip Tarrant

Phillip Tarrant

Phillip Tarrant is executive editor – Real Estate at Momentum Media. He is also an investor with a large property portfolio.

He leads the content strategy and corporate growth for a range of market and business intelligence platforms at Momentum Media, including Smart Property Investment – the authoritative voice for Australia’s property investment community.

As head of the Smart Property Investment Podcast Network, he also steers the largest network of property podcasts in Australia, which collectively generates nearly 2 million downloads every year.

There are over 2.6 million investment properties in Australia, with over 2.1 million Australians (or around 8 per cent of all Australians) owning one or more investment properties. A vibrant and critical sector for... Read more



State of Markets – NT December 2011
default
spi logo

Get the latest news & updates

Join a community of over 100,000 property investors.

Check this box to receive podcast updates

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.