Darwin, Northern Territory
There is hope for revitalisation of the Darwin property market as lower house prices, coupled with incentives from the NT Government, begin to attract first-home buyers.
A $200 million Darwin City Deal involving three levels of government is about to unfurl while other positive signs on the horizon include a number of proposed projects offering plentiful job opportunities.
Darwin needs these developments to move into the construction phase to re-generate the NT economy, create demand in the Darwin market, stem the negative pricing trends and reduce the high vacancy rates.
In other encouraging news, research agency Moody’s Analytics, expects a 3.7% growth in Darwin’s house values in 2019, accelerating by 6.6% in 2020. “Housing affordability in Darwin is among the highest of all capital cities, attracting increased numbers of first-time home-buyers,” says Moody’s.
It is noteworthy also that two national commentators, BIS and Herron Todd White, have recently forecast an impending return to growth in Darwin property prices. There are early signs of this occurring in the latest price data from SQM Research.
Following several years of price decline, rental yields are well above average.
This report covers the suburbs of Darwin City, Anula, Bellamack, Coconut Grove, Driver, Durack, Fannie Bay, Gray, Gunn, Johnston, Karama, Leanyer, Marrara, Moulden, Nightcliffe, Parap, Rosebery, Stuart Park, Tiwi and Woodroffe.