The census was released this week, and it has revealed that the Northern Territory is a fast-changing, ever expanding and culturally diverse territory.
Palmerston is the 2nd fastest growing region in the Territory, with its population increasing from 28,000 to 34,000 since 2011- a whopping 22 per cent. Litchfield topped the list, increasing 26 per cent over the past 5 years.
Like the rest of Australia, chasing the Australian dream remains tough in the top end, with the Northern Territory recording Australia’s highest median monthly mortgage repayment at $2,167, an increase of 5.5 per cent since 2011. The median weekly rent has also increased by 40 per cent in the region, to $315 over the past 5 years. You can check out our tips on how to break into the property market here.
So, whilst this property news may leave little to the imagination, there is a silver lining to it all.
Territorians recorded the second-highest median weekly income at $871, with the Litchfield area recording the highest median income at $1,090 per week.
The region is also welcoming more migrants who are calling the Territory home, with 25 per cent of Territorians being born overseas, an increase from 16.6 per cent in 2011. The Philippines is the Territory’s most common reported birth outside of Australia, followed by England, New Zealand, India and Greece.
2016 will always be remembered as the year that the Darwin property market underwent a significant correction. The combination of the decline of mining industries and the unprecedented growth in residential construction created a perfect storm for Darwin property. A rampant rise in supply combined with shrinking demand.
However, the good news is that properties in the top end are still selling.
Palmerston’s new amenities such as the construction of the new shopping centre and hospital will see more employment, therefore creating more stability and certainty.
Buyers in the top end are often downsizers or first home buyers, however, because of the soaring prices in Sydney and Melbourne, investors see that Darwin has a reasonable rental return between 4.7 per cent – 5 per cent, which is quite high in comparison to other cities.
The long-term outlook is very promising in Darwin. Increases in the population often will follow with an increase in demand for property prices. The market in Darwin- like everywhere – works in supply and demand.
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