Darwin house prices tipped to skyrocket by almost 20 per cent in next two years

DARWIN house prices are forecast to skyrocket in the next two years, according to new data

DARWIN house prices are forecast to rise by almost 20 per cent in the next two years, according to new data.

The Commonwealth Bank of Australia (CBA) residential property prices data, released last week, shows Darwin dwellings are expected to jump 18.7 per cent in value by December 2022, in the biggest increase of any Australian capital city.

The CBA predicted values would grow by about 12 per cent this year, followed by another 6 per cent rise in 2022.

All capital cities were forecast to experience price increases, with the average growth nationwide predicted to be 14.4 per cent.

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Real Estate Institute of the NT (REINT) chief executive Quentin Kilian said while he didn’t want to speculate on future price rises, the CBA findings were encouraging.

“I’m positive about the way the market is going at the moment, and I’m hopeful that we will continue to see the organic growth in property prices we’ve been seeing so far, which is what we need rather than the peaks and troughs that are often driven by commercially driven demand,” he said.

“I’m enthusiastic about the fact they’ve targeted Darwin as the growth centre. I think that’s very good news for the Territory, and it bodes well for people who are looking to get into the property market here.”

Real Estate NT director George Pikos said current trends indicated Darwin house prices would continue to rise.

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“We’re having inspections and we’re getting up to 10, 20, 30 groups of people through. And I’m finding myself having to continually refresh my brochures because I keep running out,” he said.

“By all accounts the stats are pointing to the fact this will continue for the next couple of years, because of the confidence we’re seeing.”

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