Real Estate NT -  Northern Territory

Real Estate NT - Northern Territory

Darwin's property market has increased significantly in the past 5 years. Australian Bureau of Statistics figures show the city recorded an above average rise in house prices. The median house price reaching $252,000 in the first quarter 2005. Darwin's CBD is located on the end of a peninsula and over the last couple of years its become much favoured as a residential area with two supermarkets recently being established there. This has resulted in an influx of population into the Darwin CBD.

A lot of new unit complexes have been built in the suburbs close to the Darwin CBD in recent years. This has boosted the median unit price. Even so, the vacancy rate has been consistently decreasing. Its important for Darwin to achieve its projected population increases, if it doesn't there is a risk there might be a vacancy problem with those unit developments. But that is not evident yet.

Looking Ahead…..

“Over the three years to June 2007, Darwin’s median house price is forecast to rise by a total of 22%...Brisbane, Perth and Darwin will be the standout in capital appreciation over the next three years…interstate migration outflow improves to an inflow of 1000 by 2005/06, and this will drive stronger price growth”.

BIS Shrapnel, Residential Property Prospects 2004 – 2007, May 2004