Darwin managed to defy predictions of gloom and disaster in 2020, ending the year with an unexpected and substantial surge in house prices.
Terry Roth, director at Herron Todd White, said the substantial increase in market demand and activity has led to price increases in some segments of the residential market in Darwin.
Roth said the government response to the COVID-19 outbreak has played a significant role in boosting buyer activity.
"This is especially evident in the introduction of generous incentives, especially for early stage home builders who may qualify for up to $ 55,000 in various programs to encourage them to start. to build, with all the economic multiplier benefits that this generates, "he says.
The impact was evident in some developments in Darwin where blocks were quickly picked up by potential buyers.
"This level of demand would have been unthinkable 12 months ago, when real estate developers wondered whether to suspend more land transfers; now there is a scramble for land to be developed on sooner rather than later, ”Roth said.
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However, some market segments, particularly the inner suburbs, have not been able to see the same improvements.
"There is always an oversupply of residential units in the CBD and the inner suburbs and this market segment has not improved to the same extent as others," said he declared.
Yet Darwin had the best performance of any capital city last year, registering a 9% annual price gain, according to CoreLogic.
Top suburbs:
trott park
,
Scarborough
,
Gladesville
,
Newcastle
,
Wentworthville
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