Darwin, Northern Territory
There is some hope for revitalisation of the Darwin property market as falling house prices, coupled with incentives from the NT Government, begin to attract first-home buyers.
Employment has shown some growth in 2018, while the NT Government is luring interstate residents with a promise to pay relocation costs and offer other financial rewards.
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.
Completion of the massive Ichthys LNG project, which has pumped $4 billion a year into the Territory’s economy since 2012, is likely to create an economic void.
However, this could be offset by several proposed construction projects and defence contracts, according to Economist Professor Rolf Gerritsen from Charles Darwin University.
It is noteworthy that two national commentators, BIS and Herron Todd White, have recently forecast an impending return to growth in Darwin property prices.
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.