Darwin homes still comparatively cheap despite huge growth in values, new CoreLogic data shows
A new report has highlighted how affordable the Darwin real estate market remains compared to the rest of Australia by revealing it’s the only capital without any ‘million dollar suburbs’.
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A NEW report has highlighted how affordable the Darwin real estate market remains compared to the rest of Australia, despite recent massive growth in home values, by revealing it’s the only capital without any ‘million dollar suburbs’.
Corelogic’s Million Dollar Markets report, released last week, shows every Australian capital except Darwin had at least one suburb where the median home value was $1m or more as of May 2021, led by Sydney (419 suburbs), Melbourne (192) and Brisbane (51).
In contrast, Darwin’s highest median value suburb was Fannie Bay where the average dwelling price was $833,609, with only Lyons and Nightcliff also boasting medians above $800,000.
It comes after Darwin home values achieved record annual growth last month after skyrocketing 20.3 per cent between May 2020 and May 2021, continuing a stunning recovery that began with the start of the coronavirus pandemic.
CoreLogic head of Australian research Eliza Owen said despite the Darwin market’s huge growth over the past 18 months, properties in the NT capital were still a lot more affordable than elsewhere.
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“In terms of the data, the fact Darwin hasn’t yet been presented as having million dollar median home values does show it is relatively affordable,” she said.
“But (affordability) does come back to income levels at the end of the day.
“If you’re earning a lot of money and you’re in one of those professions with the freedom to work anywhere in the world, then I think Darwin is a prime example of a place where you can get good value for money, in terms of a waterfront lifestyle.”
Ms Owen said there was a chance some Darwin suburbs could reach the $1m median home value mark in the next few years if prices continued to rise at their current rate.
Elders Real Estate sales representative Derek Hart said Darwin’s relative affordability should be a drawcard for prospective buyers.
“Properties close to the city, in Melbourne or Sydney they’re all close to a million dollars, but in Darwin they’re not in that price range,” he said.
The (Darwin) population is increasing so we believe that price will go up … so it’s a good time to buy now because prices are increasing.”
Darwin’s top 10 highest median value suburbs as of May 2021, ranked by median value (CoreLogic data):
1. Fannie Bay: $833,609
2. Lyons: $820,301
3. Nightcliff: $813, 092
4. Stuart Park: $749,180
5. Rapid Creek: $748,347
6. Parap: $739,087
7. Howard Springs: $693,299
8. Virginia: $691,113
9. Ludmilla: $682,662
10. Muirhead: $673,966
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