Darwin property market heading in direction of new highs

Darwin’s property costs may return constructive annual value progress in August 2023 if figures proceed to develop on the identical tempo because the previous two months. Image: Che Chorley

---

Darwin property costs may hit an all-time excessive by January 2025 in keeping with the most recent PropTrack market evaluation.

The Might PropTrack Market Perception Report confirmed house costs in Darwin have been up 0.1 per cent from the current low in March 2023 to take a seat 0.9 per cent under the earlier peak in Might 2022.

PropTrack senior economist and report creator Eleanor Creagh mentioned this adopted a slight 0.6 per cent improve in house costs in 2022.

“If Darwin’s property costs proceed to develop on the identical tempo as over the previous two months, they might return constructive annual value progress in August 2023 and would surpass their prior peak by January 2025,” she mentioned.

PropTrack senior economist Eleanor Creagh. Image: equipped

---

“If the components driving stronger housing demand persist, most capital metropolis markets would return to constructive annual value progress within the coming months.”

Native property knowledgeable Daniel Harris, director of Actual Property Central, mentioned whereas it was troublesome to precisely predict the place the Darwin property market was heading, it was presently regular.

“Secure will not be a phrase I’d usually use to explain the Darwin property market nevertheless it’s been principally steady because the rate of interest hikes began,” he mentioned.

“Historically we’re often called probably the most risky (capital metropolis market) within the nation however not for the final yr or so. Darwin property costs have gone up or down by lower than about 1 per cent.”

Mr Harris mentioned it was vital to notice Darwin was coming off a a lot decrease base than its southern neighbours.

“Darwin continues to be the most cost effective capital metropolis within the nation for actual property,” he mentioned.

28 Rossiter Avenue, Speedy Creek, goes to public sale on July 8 at 11am

---

In response to the most recent PropTrack Dwelling Value Index, the median house value for Darwin was $497,000.

This positioned Darwin as the most cost effective capital metropolis forward of Perth ($571,000), Adelaide ($660,000) and Hobart ($663,000).

On the prime of the pile was Sydney with a median house value of $1.019m, adopted by the ACT ($836,000), Melbourne ($797,000) and Brisbane ($725,000).

Ms Creagh mentioned nationally housing demand was stronger, probably bolstered by the surge in internet abroad migration, in addition to tight rental markets.

“Given restricted new inventory is coming to market, purchaser curiosity is being concentrated, which is underpinning house costs and offsetting the downward stress from rate of interest rises,” she mentioned.

“If the tempo of value progress recorded over the previous quarter continues, nationwide property costs will surpass their prior peak by January 2024.”