This year might be a good time for investors to tap into the Darwin property market. New projects in the residential sector may mean housing becomes more affordable.
During the last 12 months, 13 new developments were approved, making up half of all current projects in the area. Included is a multi-unit residential project. So, those looking to invest in apartments in Darwin should be in quickly to snap these up.
New developments in the housing market result in an increased housing supply which can mean a drop in house prices – a boon for potential investors.
There has also been an increase in dwelling building approvals in the Northern Territory during the period from September 2012 to July 2013.
The increase of 1.4 per cent has brought levels up from 1,352 to 1,960, according to the Housing Industry Association.
Anyone thinking of investing in real estate in Darwin may potentially enjoy more affordable properties thanks to the increase in housing supply.
The staff at the Department of Lands, Planning and the Environment have processed 200 more development applications than they planned for, according to Minister for Lands, Planning and the Environment Peter Chandler. He said there were 1,200 development applications in the last financial year.