Top suburbs peaking in the Territory

THE Territory is riding the wave of the nationwide residential property downturn but some suburbs are doing better than others. New data found the top three suburbs coming out on top with median price growth

9 Dorling Street, Muirhead is up for sale for $690,000. Muirhead was in the top three suburbs booming despite the downturn. Picture: SUPPLIED

IT’S BEEN a slow few years for the Territory’s residential property market but some suburbs around town are experiencing boom conditions, according to a new report.

Data from realestate.com.au calculated the year-on-year growth in median house prices, based on a minimum of 20 sales in the suburb for the year to the end of May 2019.

Marrakai is in the lead with a 84 per cent increase with a median of $285,000.

Muirhead came second with a 75 per cent increase to a $610,000 median, while Larrakeyah followed with a 45 per cent increase to a $1,381,000 median.

Elders Darwin residential property consultant Moana Kirikino said vast land sizes were the suburb’s biggest drawcard.

“Buyers feel they’re getting more value for their money if they travel a little further out,” she said.

“At the moment I’ve been mainly dealing with buyers who are looking for large portions of land for horticultural purposes.”

Ms Kirikino said everyone who moved to Marrakai enjoyed the lifestyle.

“Marrakai has a small town feel, everyone looks out for each other there,” she said.

“It’s very peaceful because it’s a small community and the best part is it’s not far to some of the best fishing spots in the top end with beautiful scenery.”

All About Homes director and sales executive Gabby Sawyer believed Larrakeyah was the best suburb in Darwin — better than Fannie Bay.

“Larrakeyah really is the golden postcode,” she said.

“Larrakeyah is just a classy suburb which will always hold its value.”

Ms Sawyer said a mix of families, singles and executive couples lived in the area, who all planned to live in Larrakeyah long-term.

“It’s quite tightly held, if you look at most of the homes they’re held by old Darwin families,” she said.

“Old Darwin Europeans, Greeks, Italians and old Chinese. They’re smart people holding onto that value which will continue to grow.”