Darwin remains Australia's safest capital as it continues to suffer minimal impacts from the COVID-19 outbreak. However, will that mean a pink spring sales season for the capital of the Northern Territory?
The spring market is generally "not noticeable" in the Northern Territory as it is in the eastern and southern states, said Jeremy Callan, real estate expert at HTW.
"Peak seasons, especially in Darwin, are in the winter months with transactions occurring regularly throughout the year," he said.
Yet Darwin's housing market has grown steadily this year. Callan said many parts of the territory saw strong increases in sales during the second quarter.
For example, the northern coastal region recorded a 26% increase in sales during the June quarter. The region also posted an 11.7% growth in home values ??in the quarter.
"While we are not yet seeing a dramatic increase in the market at this point, the first signs of a recovery are usually the increase in the number of transactions. COVID-19 appears to be showing signs of recovery. having had little effect on the Darwin Market and the days in the market are dropping dramatically, "Callan said.
Listings are also down in the northern coastal region, which Callan believes could help keep prices down.
"The buyer inquiry remains constant and there is now a certain urgency returning to buyers' minds," he said.
The Northern Territory unit market, however, continues to be stuck in the doldrums, at least when it comes to pricing. The Darwin interior region reported a decline in values ??during the second quarter of the year despite the slight increase in sales volume.
Callan said that while it is difficult to determine what will happen in the short to medium term, the recent performance of the housing market could give some sense of optimism.
"For the remainder of 2020, barring any major epidemic, major policy, or government reform, the market will continue to operate similarly with renewed buyer confidence and with a little luck, signs of capital growth on the horizon, "he says.
Top suburbs:
East Victoria Park
,
West Rockhampton
,
North Lambton
,
Belmont
,
Murdoch
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