Darwin is on the ‘cusp of a boom’: Top real estate agent
THE Top End’s residential property market continues to dominate, according to new data
Northern Territory
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THE Top End’s residential property market continues to dominate with new data showing Darwin had the highest value increase of all capital cities last month.
Corelogic’s latest Hedonic Home Value Index found Darwin had a combined dwelling growth of 2.3 per cent in December, and a 5.5 per cent growth over the quarter.
These were the largest growths of any capital city.
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Adelaide, Brisbane and Perth had the second highest monthly growth at 1.1 per cent each.
Over the quarter Adelaide had a 3.6 per cent growth, Canberra a 3.5 per cent increase, and Perth a 2.8 per cent increase.
Darwin house values rose a healthy 2.3 per cent to a median of $497,222.
Unit values also rose 2.3 per cent to a median of $290,774.
Raine & Horne general manager Glenn Grantham said Darwin was on the “cusp of a boom”.
“We’re coming off the lowest of lows for the last five years and now we’ve got an under supply and over demand,” he said.
“Across Christmas and new year, traditionally when you might as well not even bother opening and selling, we put six properties under contract in that three-week period and all of them have set price records for the five years.
“People were buying and the prices that they were paying were prices that were in excess of prices we’ve seen in every one of those years.”
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Regional NT recorded a 3.2 per cent combined dwelling value growth in December, and a 4.9 per cent growth – again the highest growth in the country.
CoreLogic research director Tim Lawless said regional areas were becoming more attractive to buyers because of a surge in demand for lifestyle properties and lower density housing options.
“Regional housing markets had generally underperformed relative to the capital city regions over the past decade, but 2020 saw regional housing values surge as demand outweighed supply,” he said.
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