Home buyers looking to buy property in Darwin in the near future will be pleased to hear the measures placed by the Northern Territory government to ensure there is an adequate supply of land available.
In a February 20 statement, the Minister for Lands, Planning and Environment Peter Chandler stated the government has helped to streamline approvals processes and identify lots of land to be released for development in urban areas in order to cool rising house prices in Darwin.
Mr Chandler commented on house price growth for real estate in Darwin and the rest of the state, saying figures from the Real Estate Institute of Northern Territory recorded an increase of 10.65 per cent every year from 2002 to 2012.
"Growth in property value has now stabilised to a more sustainable 6 per cent in 2013," Mr Chandler explained.
"The government's efforts to slash red tape has resulted in the doubling of CBD development over the last 12 months and from that we expect to see more than 800 units come on to the market this year."
More land and housing supply in the Darwin property market spells good news for home buyers – especially first time buyers – in the area, as it could lead to more affordable prices.