The Northern Territory property market is currently very healthy, but supply remains the ongoing major issue.
The current lack of movement in the Northern Territory property market is expected to continue for the remainder of 2010, although there are plenty of opportunities for buyers in the unit market.
It is clear that the Northern Territory is suffering a housing shortage and the critical issue is continued and planned land releases.
The future looks good for property owners, as capital gains are likely however affordability is still an issue for those looking to get into the market.
This is being assisted by the Northern Territory Government’s Home Start Program – an assisted ownership scheme. Purchase thresholds have been increased in the latest budget to $385,000 in Alice Springs and $475,000 in Darwin.
Interest rates are expected to continue to increase by up to 0.5 per cent.
Sales volumes for the next 12 months are anticipated to increase, on the back of increases already experienced over the last 12 months.
