Darwin house values have grown by more than 2 per cent, defying a national downward trend

Darwin house prices increased by 2.2 per cent in the last quarter, according to new Core Logic data.

DARWIN house prices have continued to grow during the April quarter, defying slumps in larger jurisdictions over the past three months.

Figures released this week by Core Logic show dwelling prices in Darwin climbed 2.2 per cent in the three months to May 1 and have increased 8.7 per cent for the year.

At the lower end of the national year-on-year increases, Darwin is placed in the middle of the quarterly dwelling figures ahead of Hobart, Melbourne and Sydney.

Brisbane and Adelaide have by far the nation’s fastest growing housing sectors with Brisbane showing a 5.7 per cent quarterly increase and a 29.3 per cent annual dwelling price increase and Adelaide up 5.4 per cent and 26.2 per cent respectively.

In the year from April 2021 to April 2022, Canberra house prices were up 20.9 per cent, Hobart was up 20.7 per cent and Sydney climbed 14.7 per cent.

Darwin’s 8.7 per cent annual increase topped only Melbourne with 8.4 per cent and Perth with 6.7 per cent.

It’s 2.2 per cent quarterly increase was better than Hobart (1.2 per cent), Melbourne (minus .1 per cent) and Sydney (minus .5 per cent)

Real Estate Institute of NT chief executive Aswin De Silva said the consistent performance of Darwin’s housing sector showed it was bucking a nationwide trend down.

“What it reflects is buoyancy in demand in Darwin that isn’t reflected elsewhere in Australia,” Mr De Silva said.

“Melbourne and Sydney are going minus marginally and it’s slowing down everywhere else. Darwin is holding at a sensible average.

“In terms of the buoyancy of demand it shows we’re doing pretty well but to continue with that momentum and to keep that appetite going there has to be infrastructure and availability of stock.

“There has to be the helping hand to first homebuyers in a market where interest rates are going up and going up pretty rapidly.”

Raine & Horne sales representative Adam Gulliford said Core Logic’s numbers were “conservative”.

“What I’m seeing is a huge amount of investors interstate looking at properties from all areas of Darwin and I’d say we’re achieving very good prices in all areas and prices are continuing to go up,” he said.

“One of the attractions for interstate investors is the buy-in price compared to the fantastic returns against other capital cities.

“One of the attractions for interstate investors is in Darwin’s CBD you can buy a $500,000 property and get $750 per week compared to $350-$400 a week you might get in Melbourne or Sydney if you could even find a $500,000 property.