The Darwin property market is preparing for another boom as offshore gas projects gather steam and lift investment confidence.
Analysts believe the Icthys project will send the Darwin property market into overdrive after the city’s median house price dropped 3.7 per cent in the year to November.
In fact, the top end is already starting to make a comeback, with research from RP Data showing home values in the capital city grew 0.3 per cent in the three months to November 2011, taking the median dwelling price to $456,000.
According to RP Data’s research director Tim Lawless, Darwin remains one of the more resilient capital cities and he doesn’t expect this to change in 2012.
“Housing market conditions are starting to show some green shoots now, at least at a macro level.”