Investors thinking about making a foray into property investment might be wise to consider purchasing property in Darwin, as rental prices are rising with the popularity of the state.
Recent statistics from RP Data saw Darwin take out the top spot across Australia for rental yields. Rental yields for housing in Darwin saw the best gross rate of 6.1 per cent.
According to the Australia Property Monitors rental report for December quarter 2013 the median asking rent in Darwin sits at $700 a week for a freestanding home and $570 for a unit, the highest rental prices recorded across the capital cities.
Apartments in Darwin for investment purposes would also be desirable, as they recorded a 6 per cent gross rental yield.
As first-time buyers continue to seek out rental properties rather than buying, the residential property investment market is a solid consideration.
Additional optimism has been recorded as the number of investors borrowing to buy has increased by 1.6 per cent, according to the latest data from the Australian Bureau of Statistics.
With employment rates rising and the strengthening of the NT economy, there is also confidence in the possibility for capital gain on an investment when it comes time to sell.
Any savvy investment property buyers considering buying real estate in Darwin to rent out should take advantage of this investor's climate.