Owners of property in Darwin deciding whether or not to sell should take notice of the latest release from the Housing Industry Association (HIA) and RP Data.
According to the HIA – RP Data Residential Land Report, the supply of real estate is coming under increasing pressure from high demand from home buyers.
Data from the organisations shows that the volume of residential land sales fell slightly during the September 2013 quarter, declining 2.8 per cent when compared to the previous quarter.
At the same time, sales activity in the land market was up nearly 40 per cent when compared to 12 months earlier.
“Supply bottlenecks appear to be affecting the residential land market, playing a role in that price pressure,” HIA Senior Economist Shane Garrett said in a February 6 media release.
“We have long emphasised the importance of ensuring that an adequate supply of affordable, shovel-ready land will be crucial to any sustained recovery in new home building."
With demand high and inventory at a premium, owners of real estate in Darwin might want to consider entering the market now to maximise profits from a home sale.