According to the NT News, Darwin Real Estate profits recorded a substantial plunge in the March quarter. While the resulting low prices and interests rates aren’t good for sellers, now is the time to take advantage of the property for sale in Darwin and its surroundings.
Domain has attributed the affordability of real estate in Darwin to these reduced house prices and low interest rates, suggesting that there is a great chance of a housing boom in 2017. These signs of recovery mean now is the time to buy, before house prices increase.
Current real estate conditions are ideal for first-time buyers and investors. The ABC suggests the Gunner government’s first-home buyers scheme is adding incentive, and the low cost of property for sale and depth of stock is creating an attractive real estate market in the Northern Territory.
For investors, this range of available property offers the opportunity to hunt and cherry pick the best of the best, with rental yield and return on investment sitting high in comparison to the rest of the nation. Property for sale in the Northern Territory is popular with foreign investors, with China and the U.K. home to the most interested and invested outside parties.
Australian Rural Real Estate.com agrees that the Northern Territory property market has a positive outlook, with strong buyer enquiries in cattle stations and rural land. Despite the overall number of transactions dropping, the value of rural property and rural land for sale is increasing to match the rising interest of foreign investors.
This is largely due to what Rural Weekly describes as ‘high class’ soil being discovered just hours from Darwin. The soil has extreme potential for cropping, making rural property and land for sale in the Northern Territory a hot commodity.
Whether you’re interested in rural property or a house closer to Darwin, the real estate market in the Northern Territory is maintaining an ideal climate to buy. Low pricing and interest rates combined with increasing value of land for sale makes now the time to take the plunge, before the best is snapped up.