Darwin is oozing property potential, which will be tapped as the “gateway” to Asia evolves.
Vacancy rates being 0.5%, average rent about $600 for a decent 3 BR house, not very high capital growth but volume sales are very good.
“Darwin has great opportunities to become a world-leading centre for engineering, financial, medical and education services" - via the education market to Asian students and the booming natural resources sector. Projects such as the $34 billion Inpex gas plant site are boosting its economy and population and, combined with a low housing supply, have caused a tight housing market and high rental yields.
The only thing hindering prices from rising through demand is the Northern Territory government to grant stamp duty exemptions for first home buyers on properties up to $530,000. However, they do expect house prices to grow steadily. Especially with parents purchasing more units for high entry point to the market and scant number of rental homes.
For a full read : http://firstnationalnews.com/
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