Darwin home values increase in August: PropTrack data
Darwin has recorded a surprising result for home values in August, according to the latest data. See the numbers.
Business
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Darwin CBD apartments are finally surging back into popularity, as the capital city was one of two in Australia to record an increase in home values.
PropTrack’s Home Price Index for August showed Darwin had a 0.14 per cent increase in the median value for all dwellings to $479,000.
Perth recorded a 0.04 per cent increase while values declined for all other cities.
Darwin’s annual growth came in at 5 per cent.
The rest of the Territory recorded a 0.08 per cent decrease in August to $449,000.
Raine & Horne general manager Glenn Grantham said Darwin had yet to reach its threshold for growth compared to other capital cities, hence the increase.
Mr Grantham said if changes to interest rates did not occur, the growth would have been more significant.
“Once (interest rates) settle, we’ll see a sustained growth in the Territory for the next 12 months, maybe longer,” he said.
“All things into consideration and having gone through such a high-profile increase to the cost of living and still recording an increase, it shows how bright the future of the NT is once it all settles down.”
Mr Grantham said the buzz in activity was centred around Darwin CBD apartments, which had been unpopular with buyers in recent years.
>>Where buyers in the NT should be looking right now
“Apartments in Darwin City and the northern suburbs are the only sector of the market that hasn’t had upwards pressure and attention,” he said.
“It’s driven mostly by demand from east coast investors.”
Mr Grantham said areas ready for growth were Palmerston and surrounds.
He said Darwin’s growth would be sustained once interest rates hikes levelled.
“We will see further interest rate increases before we see a level out and potentially be maintained at that level for years to come,” Mr Grantham said.
“But I think we will see through that period Darwin may achieve a sustained growth then see a significant growth afterwards.”
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