Darwin residential real estate set for recovery in the new year
Forecasts from Australian Property Monitors (APM) could give homeowners and investors a boost over the Christmas break, with data suggesting that the Northern Territory's capital city could be set to receive a pattern of real estate growth.
The December edition of APM's State of the Market report indicates that - while Darwin's 2011 track record was "erratic" - the top end is likely to buck the trend in 2012.
Researchers noted that the increasing demand for skilled labour in NT is likely to necessitate an increase in the number of migrant workers sponsored by local businesses.
These employees will of course require housing - meaning that residential properties may soon be in high demand across the territory's population centres.
Senior Economist for APM Dr Andrew Wilson asserted: "Capital city markets with direct exposure to the resources sector can be expected to record significant growth in house prices over the year."
Wilson also noted that trustees of self-managed super funds are likely to begin showing their interest in potentially higher rental rates as demand in the market sector grows.
In turn, these increasingly popular properties will give both investors and homeowners looking to sell the opportunity to produce a reasonable profit should they choose to participate.