‘We have seen phenomenal growth over the last 12 months’: Darwin’s market continues to boom

A NEW report shows Darwin’s residential real estate market continues to be the jewel of Australia’s real estate industry, with growth in dwelling values surpassing every capital city.

DARWIN’S residential market continues to be the jewel of Australia’s real estate industry, with growth in dwelling values surpassing every capital city.

CoreLogic’s Property Pulse released this week revealed which housing markets experienced the highest value increases relative to their value at March 2020 until December.

Darwin had a staggering overall 8.3 per cent increase in dwelling values, the highest of all capital cities.

MORE TOP NEWS

Ute crashes through doors of Palmerston council building

Wayne Zerbe: After 22 years, we won’t hear him Around Palmerston anymore

5000 sign petition threatening to sue NT Government over crime

Australian Capital Territory followed with a 5.8 per cent jump, and Adelaide by 5.2 per cent.

Sydney and Melbourne trailed last with decreases of 1.2 per cent and 4.1 per cent respectively.

The data showed by April, values had increased by 2.9 per cent, the highest in the country, and by December values climbed to a growth of 8.5 per cent. Raine & Horne Darwin general manager Glenn Grantham said dwelling values for Darwin had likely continued to skyrocket with activity in the market still thriving.

“I have personally been involved in 19 sales for the month,” he said.

“The last time I was involved in more sales than that was in Perth during the boom.”

Mr Grantham said as a result of high demand and short supply, buyers were becoming increasingly frustrated.

“We are no longer receiving aggravated calls from property owners saying ‘Why haven’t you sold my home?” he said.

“We now have purchasers calling an asking ‘Why can’t I get into this house?’

“In the last five years the purchaser wouldn’t bother calling back. This shows a massive swing in the market.”

$1 FOR ALL YOUR NEWS? HERE’S HOW: Sign up now to our amazing deal of $1 for 28 days

Real Estate Institute of the Northern Territory chief executive Quentin Kilian the COVID-19 pandemic had benefited the NT due to an influx of population, in comparison to Melbourne and Sydney where growth fuelled by immigration had slumped.

“We have seen phenomenal growth over the last 12 months,” he said.

“But in our case its not necessarily pre-COVID levels because COVID is the thing that’s fixed our market to a large degree.

“We are moving in the general direction of a more organic growth of the marketplace pushed along by demand and the good thing it does is spur more supply.”

Follow @raphsaroukos