CoreLogic data shows Darwin house, unit values still strong in August

New data has revealed how Darwin’s residential real estate market tracked in August. READ THE FIGURES HERE.

DARWIN continues to record stellar residential growth, with increases in house and unit values and in rental returns, according to new data.

CoreLogic’s Hedonic Home Value Index for August showed house values had an annual rise of 21.2 per cent, currently sitting at a median value of $572,102.

Units grew 23.3 per cent to a median of $349,698 annually.

Both median values clocked in an increase, with CoreLogic’s Hedonic Home Index for July recording homes at a median price of $571,024 and units at $342,389.

The data revealed rental growths in Darwin were up, with houses sitting at a 23 per cent increase annually compared to 22.7 per cent in July.

Units recorded a 21 per cent annual change in rents for August, up from 20.3 per cent in July. “The strongest rental markets remain in Perth and Darwin,” the report read.

“However, the annual rate of rental growth in these cities appears to have peaked, while rental growth across the remaining capitals is continuing to trend higher.”

However, Real Estate Institute of the Northern Territory chief executive Quentin Kilian disagreed with the report’s observation, stating it did not take into consideration the trends of Darwin’s rental market.

“We know that there is a bit of a lull between the June and December quarters heading out of the dry and into the wet season. There’s a tendency to see less migration but a peak also happens around Christmas,” he said.

“It’s going to be very much driven by what happens between now and next year with population growth.

“The market remains very buoyant both here, in Alice Springs and in Katherine. Anecdotally, there has been a slowing of demand in Palmerston but certainly the northern suburbs remain very strong.”

Mr Kilian was optimistic about the Territory’s residential market progress over the next few months.

“We’re hearing from members there’s still very strong growth in the housing sales market,” he said.

“We’re still seeing demand from interstate. Darwin offers some pretty good opportunities not only for work but lifestyle. People can still come into a capital city market and pretty much spend half of what they’re selling for in Sydney and Melbourne.”