More land for sale in the Northern Territory
Buying land or houses in the Northern Territory may become easier in the near future, with the Country Liberals government committed to reducing the cost of living for Territorians. The government aims to continue stimulating housing supply by releasing land and promoting development, which could be great news for those interested in building their own residential property in the area.
Minister for Lands, Planning and Environment, Peter Chandler said the government hoped to continue with the strides made last year, which included the streamlining of departmental processes, identifying urban infill sites that could be used for development and fast tracking project approvals.
In a February 20 release, Mr Chandler said according to data from the Real Estate Institute of Northern Territory, the median house price for the Darwin/Palmerston area increased 10.65 per cent on average every year between 2002 and 2012. This fell to a more sustainable level of 6 per cent over the last 12 months.
"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," said Mr Chandler in a February 20 statement.
In fact, the greenfield land release plan for 2014 is expected to yield around 2,000 dwellings across the whole state, which could offer a number of real estate opportunities across the region over the next 12 months.
This ties in with the recently released Housing Density report from Bankwest, which found a nationwide increase in the number of medium density property approvals during 2013. In fact, in the Northern Territory 67.2 per cent of all property approvals sought during the last 12 months were for medium density properties such as units, townhouses and semi-detached homes.
"Australians' appetite for medium density housing is steadily outstripping stand-alone homes. Smaller housing options continue to increase in popularity as the population grows and consolidates around Australia's capital cities," said Bankwest Executive General Manager Mark Reid in a February 18 statement.
"The increasing popularity of medium density housing is possibly being driven by Australia's first time home buyers, who are finding it difficult to afford a stand-alone house."
Capital cities accounted for 87.1 per cent of these approvals, with Darwin alone being responsible for 88.4 per cent of all medium density dwelling approvals over the last year in Northern Territory. With the growing availability land for sale in the state, apartments could offer a great investment property opportunity in the near future.