As 2014 swings into action, so too have forecasts and predictions about what we can expect across the national residential housing market. This month we check in with local property developer and Urbex General Manager Wayne Rex to see what’s install for Darwin.
What will we see in Darwin over the coming months?
We anticipate that new land releases will dominate the Darwin residential market throughout the early half of 2014 resulting in steady growth in sales. At Urbex for example,we have land releases planned within our Johnston Ridge and Zuccoli developments. We also envisage land prices will stabilise and interest rates will continue to remain at historic lows, all of which present favourable conditions for home buyers.
How should people prepare for a land release?
People should start with their finance and seek a pre-approval from their lender to purchase. As competition in the market increases those with pre-approved finance stand the best chance of securing land and the new home of their dreams.
What are buyers looking for?
Affordability continues to be one of the biggest factors for home buyers in Darwin. While some developers have reduced land sizes to increase affordability, Johnston Ridge has large lots to accommodate families and people looking for lots with room to move. Builders have also done considerable work in their designs to bring out new, affordable housing solutions.
How is Darwin performing nationally?
Darwin has one of the strongest performing residential property markets in Australia, buoyed by resource projects and job creation. Down south, large price growth fuelled by an undersupplied land market is forecast in both Sydney and Brisbane. Adelaide, Canberra and Hobart are in for a slow year while resource-rich regions including Narrabri in New South Wales, Cairns in Queensland and Ballarat in Victoria are also predicted to flourish.