As we roll into 2017, it’s a great time to look at the market and analyse what to expect for the year ahead.
So what is the industry outlook for 2017 at this early stage? Here’s what’s cooking!
The key issues for Darwin’s property market going into 2017 are predominantly down to its weaker economy and increasing unemployment rates.
However Northern Territory’s position as the ‘gateway’ to Asia, key defence hub, abundant mineral, gas, petroleum and agricultural resources, and world renowned tourist attractions will provide economic growth opportunities into the future.
We saw high demand and low affordability nationwide across the property market in 2016, with increased home loan rates from key banks.
Of course the high demand in 2016 was somewhat due to the drop in listed properties, however a stream of interest appeared to be the main driver nationally.
This high demand is largely here to stay in 2017 - and despite being one of the lowest in-demand states (alongside Western Australia), Northern Territory will see an increase in apartment demand.
Some inner-CBD apartment markets will see the negative outcomes to over development - Darwin is however seeing growth in outer CBD suburbs, especially the suburbs of Zuccoli, Muirhead, Berrimah Farm, Kilgariff and Katherine East.
China’s influence on Australia’s property market will remain strong into 2017 – with major developments in capital cities coming off the back of Chinese funding.
However 2017’s top buyers for all markets are said to be local – investors, owner occupiers, or first-home buyers – according to expert analysts.
First Home Buyers
Improved conditions for those wanting to gain entry into the NT property market will continue in 2017.
In September 2016, stamp duty concessions amounting to a maximum of $24,000 were made accessible to first home buyers. On purchase of a new property, stamp duty wouldn’t be charged for the first $500,000. This incentive is however capped at a home value of $650,000.
Northern suburbs will continue to be a good entry point for new homeowners. Older suburbs of Palmerston are forecast to cater for the excess from this demand, which will enhance market activity and shorten property time on the market.
If you need any assistance with anything property related in 2017, don’t hesitate to pop in and say hi or give us a call on (08) 8932 8858.
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