Darwin the home of Australia’s biggest increase in property values since start of COVID-19, report finds

A RECENT report shows values in Darwin have risen the most of any capital city in Australia since the COVID-19 pandemic began

PROPERTY values in Darwin have risen the most of any capital city in Australia since the COVID-19 pandemic began, according to a recent report.

CoreLogic’s Quarterly Economic Review, released this month, found the capital growth of residential dwellings in Darwin rose by 5.8 per cent between March and November this year.

House values increased by 6.1 per cent, while units jumped by 5.3 per cent.

MORE REAL ESTATE NEWS

Agent says huge property value growth slated for Top End area

High-end apartment prices on the rise as more reach $1m mark

Darwin property market values equal best in the country, new data shows, as agent predicts growth will continue for several years

Darwin CBD apartment blocks. Picture: Che Chorley

The report predicted Darwin’s real estate recovery was likely to continue “over the next few quarters”, subject to COVID-19 remaining contained.

Raine & Horne Darwin general manager Glenn Grantham said COVID-19 had been a “supercharger” for the previously slow Darwin real estate market.

“We’re talking about the median price of Darwin, but in a lot of areas we have seen in excess of that increase,” he said.

“In some areas, especially in the northern suburbs, we’ve probably seen an up to 15 per cent increase, and in other areas we haven’t seen any. So across the board, the average would be at least that (5.8 per cent).”

NT NEWS sizzling new deal: Get all your news for just $5 a month

“I think, and the figures are showing, that we’re getting population growth that is not just visitors but people looking to shift to the Territory, and I think that’s the main driver.”

The report noted that, despite the recent increase, Darwin’s property values were still 27.4 per cent below their peak in 2014.

Follow @AliciaCPerera