Revealed: NT’s top property-rich suburbs
The Territory suburbs proving to be property goldmines have been ranked, with coastal and rural pockets around Darwin the most lucrative. SEE WHERE YOUR SUBURB SITS.
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The Territory suburbs proving to be property goldmines have been ranked, with coastal and rural pockets around Darwin the most lucrative.
New research by Suburbtrends analysed Australian real estate data to determine the suburbs with the highest unencumbered property wealth.
In the NT, the sought after suburbs of Fannie Bay, Howard Springs and Nightcliff had the highest level of riches wrapped up in homes without loans.
This was followed by Leanyer, Humpty Doo and Rapid Creek.
Suburbtrends founder, Kent Larder said the analysis offered a detailed view of property wealth distribution in Territory.
“Fannie Bay leads the list with an estimated $280m in unencumbered property wealth, driven by high median house prices of $1.45m and a notable number of unencumbered properties,” he said.
“Howard Springs and Nightcliff follow, showcasing the balance between property values and the volume of unencumbered homes.
“A notable observation is the dominance of Darwin suburbs such as Fannie Bay, Nightcliff, and Leanyer, highlighting significant unencumbered wealth within the capital city. “Additionally, Howard Springs and Humpty Doo in the Litchfield area reflect substantial unencumbered wealth outside the urban core.
“This mix of high-value and more affordable areas underscores the varied landscape of property wealth across the Northern Territory.”
Mr Larder said the Suburbtrends analysis revealed a striking concentration of wealth, particularly in Sydney and Melbourne.
Mossman, NSW, was named the suburb with the most unencumbered property wealth in the country, boasting an estimated $12.2b across the ritzy suburb.
“The suburb’s median house price of $4.5m and unit price of $1.16m, coupled with 2,129 detached houses and 2,260 units owned outright, underline its top position,” Mr Larder said.
Following closely was Castle Hill, NSW, with an estimated wealth of $9.8b across 3,878 houses and 748 units owned outright, each averaging $2.32m and $1.11m, respectively.
Glen Waverley, VIC, ranked third, with $9.7b in unencumbered property wealth.
“This data underscores the immense potential wealth in Australia’s property market, particularly within its premier suburbs,” Mr Larder said.
“As the property market evolves, these areas are set to remain bastions of wealth, heritage, and financial security for generations to come.”
Mr Lardner said intergenerational wealth transfer via property was crucial to help younger generations in gaining financial stability and enter “a very tough housing market”.
“Grandchildren, currently locked out of the housing market, stand to benefit most from future wealth transfers,” he said,
“Ideally, the third generation would gain a foothold in the housing market in the coming years through this transfer, however, given the mismatch between new supply and high population growth rates, the reality may be an even wider wealth gap — depending on your family’s postcode.
“It’s vital to acknowledge those without access to this wealth, highlighting the need for ongoing broader economic and housing reforms, including social housing.”
NT’S TOP PROPERTY WEALTH SUBURBS
Fannie Bay – $280m
Howard Springs – $241m
Nightcliff – $226m
Leanyer – $220m
Humpty Doo – $213m
Rapid Creek – $162m
Larrakeyah – $150m
Stuart Park – $140m
Virginia – $137m
Karama – $130m
Originally published as Revealed: NT’s top property-rich suburbs
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