Blessed with gorgeous, natural sights, a diverse population, important earth minerals, and a rich history, Australia’s Northern Territory is favored by all; from singles to starting families, from energetic youth to the established adults. With dozens of natural parks, excellent facilities and amenities, a steady economy and a well-planned transport system, more and more people are looking to be North Territorians (or colloquially, Top Enders) by the minute. Make no mistake, the Northern Territory real estate market might be underrated, but it is constantly striving to reach the height of its potential.
Northern Territory: A Brief Background
Buying a house in Northern Territory, one should look on its geography. Located in the central northern and central regions of the country, it has two different climate zones. Its northern parts experience tropical climates, with October to April bringing the wet season and May to September with the dry season. The central parts of the region, which is home to the Ayers Rock and Alice Springs, is the country’s desert centre, and is semi-arid with little rain pouring during its hottest months, which is October to March.
When buying a real estate property in Northern Territory, one would not have the trouble of poor transportation. In fact, because it is the most sparsely populated areas of Australia, the local government had the opportunity for developing a great transport plan for the state. With a well-connected and strategically planned network of roads, including a couple of National Highways, partnered with the Adelaide-Darwin railway connecting Alice Springs to Adelaide, moving around has never been easier.
When it comes to education, Northern Territory houses over 140 primary and secondary public schools, alongside 15 Catholic and Christian schools and dozens of other independent institutions. Its very own Charles Darwin University, formerly known as Northern Territory University, has over 20,000 students focusing on higher education and vocational courses.
One of the strengths of the Northern Territory real estate market is the local economy, with the mining industry leading the charge for the region. Not 15 years ago its economy is valued at $15 billion, and it has increased to a $22 billion dollar industry hub, with a growth rate of just over 10.5%. Its tourism industry is a powerhouse too, boosting the local economy with an estimated $2 billion.
If you are planning on purchasing property in Northern Territory to have it rented out, you should be familiar with the Leasing Regulations in Northern Territory first. The state has its own leasing regulations on top of the nationals leasing laws.
Top Suburbs for Northern Territory Real Estate Market
Other States in Australia
Other locations in Australia are equally as desirable as the Northern Territory. Choose a region below to find out the best locations in the area. If you need information on the real estate buying process for foreigners in Australia, check our Foreign Investor's Guide.
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