Darwin is one of the hottest places to buy property in Australia. In fact, some analysts say property prices in Darwin are rising faster than prices in Sydney. Sydney property costs have increased by 2.5 per cent over the past decade, while Darwin prices have risen by 10 per cent, according to statistics. So it is very likely that within a few years Darwin will be as expensive as Sydney. If you are looking to invest in property now, Darwin is definitely the place to be. Over a few years, the returns you get will be very satisfying.
So, what makes Darwin such a hotspot?
The Federal Government's Asian Century White Paper said Darwin has the potential to become the next Singapore. The place has plenty of opportunities in education, finance, engineering and medical services. News such as these have certainly contributed to the increased interest in land available in Darwin.
There are several projects coming up in Darwin that will increase the value of the place. One example is the Inpex gas-fired power plant, which costs $34 billion. With such development in the city, the employment opportunities will improve, which will bring a lot of people to the place.
Healthy property for sale in Darwin
Over the past few years, Darwin property has been selling like hotcakes. Real estate analysts say that while property sales were good last year, this year is better and next year will be even better. So the land value will increase at a healthy rate.
The good thing is that there is a good supply of real estate in the city. Although the supply of houses is reasonable, there is a huge availability of undeveloped land. If you want to earn a lot, you should focus on these vacant lots.
In the coming years, when the supply of real estate is eclipsed by the demand, the value of land will shoot through the roof. You can make a net profit by selling the land in the future. If you are not interested in selling, you can always build your own bungalow and enjoy living in Darwin.
Tips for buying land in Darwin
When buying land in Darwin, you need to make sure you choose the right area for investment. You need to check the blueprint of the city and assess the development characteristics of the city to decide on the right area.
According to current reports, the northern suburbs of Darwin are the best places to buy land as these locations are the next development hubs. Another area offered for development is the southeast region. There is a good chance of abundant growth in these zones in the near future.
You can contact a real estate agent in Darwin here for more information about buying land