Ensure you never miss an issue of the
real estate business bulletin
Darwin house prices hit record high

Darwin house prices hit record high

by Brendan Wong 0 comments

Darwin house prices have hit a record high, according to new statistics from the Real Estate Institute of Northern Territory (REINT).

The REINT’s Real Estate Local Market report reveals that median house prices in greater Darwin have risen 3.4 per cent in the June quarter to $612,000. This is also an increase of 7.4 per cent compared to this time last year.

Median unit prices have risen 9.2 per cent to $464,000 in the June quarter and 6.7 per cent on a yearly comparison.

Median weekly rents in greater Darwin have also increased on a yearly comparison, with the weekly median rent of a three-bedroom house rising 17.1 per cent to $656 a week and a two-bedroom unit rising 18.6 per cent to $485.

REINT president Quentin Kilian told Real Estate Business the June quarter had shown a bounce back in sales volume.

“While I’ve always tried to avoid a comparison of median prices in Darwin against the major capital cities, the result has put it in the same price range as Sydney now,” he said. “The underlying trend in all of this is simply supply and demand." 

Mr Kilian said the factors driving the growth in the area had been the surge in economic activity in the area from mining and construction in recent years. However, he added that successive governments in the last decade had failed to prepare for this surge.

“Next year’s expected growth could be as high as seven per cent. The HIA [Housing Industry Association] says that in order to meet current demand, we should be producing about 200 to 2,200 properties per annum. At the moment, we’re pushing out, if we’re lucky, about 700 or 800 per annum, so we’re nowhere near meeting current demand - let alone what might come out if a number of these big projects come off.”

Darwin house prices hit record high
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?