What is My House Worth – Darwin
Home to over 146,000 residents, the city of Darwin is one of the fastest growing capital cities in the nation. This population increase is due to several things including the way that the city and it’s government embraces multiculturalism. Along with the population, what houses are worth is increasing rapidly too. Because of the demand for more and more real estate, to own a home in Darwin has become increasingly profitable.
With an annual growth rate of over 2.5% since the mid 2000’s, the city of Darwin is quickly becoming one of the most sought after capital cities in Australia. The Litchfield and Palmerston neighbourhoods are the neighbourhoods that have experienced the most growth. So much so infact, that it is estimated that by 2021 there will be over 101,000 residents between the Litchfield and Palmerston municipalities alone. This dramatic increase will also increase what houses in these areas are worth. Being such desirable communities will benefit local homeowners for a long time to come.
This expected change is not the first time that the population of Darwin went through great change. Shortly after the Second World War the city, like many in Australia, became home to thousands of European refugees. This time was, in a lot of ways, the start of the multicultural community that exists today in the city of Darwin. Currently the city’s population is made up of many ethnic backgrounds, including: Italian, New Zealand, British, Filipino, German, and Dutch.
With different backgrounds comes different Religions, and faiths. Even with all of the various backgrounds the dominant religion of residents of Darwin is Christianity with almost 50% of residents members of the faith. Although the most dominant, Christianity is certainly not the only religion practiced by residents, with Hinduism, Islam, and Judaism being strong practiced faiths throughout the city.
Having such a multicultural society is a huge benefit for a lot of reasons. Not only does it attract more people, and allow a city to keep going, but it also adds an additional demand to the real estate. With so many people looking to live in an urban setting that has lots to offer in terms of amenities such as great public transportation, lots of educational opportunities, job opportunities, and things to do. All of these factors lead to a better answer to, “what is my house worth?” What a house is worth cannot be determined without taking these things into account, and having all of them attracts a larger population, creating a demand for real estate in the city.
The demographics, and multiculturalism of a city is something that should always be looked at when you are considering moving there. Even if you are selling your home, taking a look at these demographics will not only give you a better idea of what your house is worth, but also inform you as to how in demand houses in your city are. Some of these demographics are as easy as taking a look at your city’s population records. Has your city’s population increased very much over the past decade? If so, why? Has there been something built, or a dramatic change that would be encouraging that? Is that an ongoing change, that will continue to attract home buyers, or will it end at a specific point? If your city is not growing, look at why, and see what it is that you can do to your home to help it sell for exactly what it is worth, as opposed to having to settle for a lower offer. This can be done by simply going online to see what other houses in your area are selling for, how long it is taking, and so on.