‘The Greater Darwin market has really turned’: Property professionals astounded at housing market bounce-back in new report

DARWIN’S residential housing market is finally in recovery, says a new report by leading property professionals.

DARWIN’S residential housing market is finally in recovery, says a new report by leading property professionals.

Herron Todd White’s residential report for November showed Darwin had moved from “bottom of the market” to “start of recovery” in its National Property Clock, alongside other capital cities Perth and Brisbane.

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Darwin residential director Will Johnson said the market had exceeded expectations and bounced back following the NT’s “successful” response to COVID-19.

“The Greater Darwin market has really turned,” Mr Johnson said. “Increased sales volumes, successful marketing campaigns and the take-up of almost every available rental property … has been a surprising positive for the industry.

Darwin residential director Will Johnson says the city’s housing market has exceeded expectations and bounced back following the NT’s ‘successful’ response to COVID-19.

“It must be said, it certainly wasn’t predicted by any pundits. The stronger activity is largely in the price brackets from $400,000 to $750,000 … however, as the volume and turnover increases we expect the stronger activity to be seen at higher-value levels as well.”

Real Estate Institute of the Northern Territory chief executive Quentin Kilian agreed that the market had bounced back in the short term but whether this would lead to long-term recovery was unknown.

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“We’ve seen market recovery, but as to whether the market is on a long-term rebound is going to be largely dependent on continued sustained population growth,” he said. “Whatever we do to keep people has to be built around long-term sustainable jobs.”

Mr Kilian said the much-anticipated report by the Territory Economic Reconstruction Commission would be critical in developing long-term and sustainable work in the NT.

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