Opportunities follow NT's population growth
Keeping your eye on the development of property markets across the nation is the best way to decide when is the best time to take out an investment home loan in order to maximise your returns. New data in the Northern Territory, for example, has outlined the projected population growth over the next 30 years, which could present a wonderful opportunity for purchasing real estate.
Treasurer Dave Tollner said that researchers from Charles Darwin University have spent time looking at population maps in order to discover the expected increases in residents over the next 30 years, as well as the characteristics of these movements. The results have found an impressive degree of growth expected across the state, especially in the Greater Darwin region.
The average annual increase is 1.5 per cent, with much of this focused on the Greater Darwin area, where over 43,000 more people are expected to live by 2026. The overall share of the Northern Territory's population that greater Darwin has is expected to increase from 56 per cent up to 58 per cent.
"We are serious about building the Territory of tomorrow by attracting investment and creating real jobs through developing the North. The Territory needs to think strategically to deliver an economic future for a growing population by expanding our industrial base," said Mr Tollner in a July 30 statement.
"We are also delivering real action on releasing more land for residential development, with $45 million allocated in the recent Budget to deliver land for 6000 new dwellings in the Darwin and Palmerston areas."
Now could be the perfect time to consider taking out an investment home loan and preparing for the future growth of the Northern Territory's property market.
Image credit: Jacob Enos