Darwin home values still well shy of Inpex boom levels: CoreLogic

House and unit prices in Darwin may be rising rapidly but they’re still a long way off their Inpex-era peak, accoring to new data.

HOUSE and unit prices in Darwin may be rising rapidly but they’re still a long way off their Inpex-era peak, with new data showing current home values are still about 22 per cent below what they were in 2014.

According to new CoreLogic figures, published on Monday, residential dwelling values in Darwin are 21.6 per cent below the record high reached in May 2014, at the height of the city’s Inpex boom.

It means Darwin has the biggest gap between peak and current home values of any Australian capital city.

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However, the data also showed Darwin home values are rising faster than in any other capital, having jumped 16.5 per cent between February 2020 and March 2021.

CoreLogic head of Australian research Eliza Owen said Darwin dwelling values should continue to rise for at least the rest of the year.

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“The level of mining investment was so high when the market was reaching that previous peak and I don’t anticipate we’ll see that much of a driver of growth in the next couple of years,” she said.

“But that might not be a bad thing, especially if people are hoping to buy into this market. They probably wouldn’t want to see prices back around 2014 levels.”

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