Darwin, Northern Territory
Large job-creating projects are in the pipeline for Darwin, generating hope for revitalisation of the Darwin property market. But it will take time for these to reach the construction phase.
A $200 million Darwin City Deal involving three levels of government is about to unfurl while other positive signs on the horizon include the $400 million Darwin ship lift project and the possibility that the US military will spend $400 million on upgrading navy and airforce facilities.
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.
It is noteworthy that two national commentators, BIS and QBE, have recently forecast an impending return to growth in Darwin property prices between 2020 and 2022 while the Real Estate Institute of Northern Territory has reported the third consecutive quarter of sales growth for the unit and townhouse market.
This suggests that now, while property prices are low, is the time for investors to act.
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.