House prices are steadily declining across the country, but in a surprising context, the Top End has seen some positivity. According to the CoreLogic Real Estate Value Index for May 2019, the NT is one of three states – the others being SA and Tasmania – to record an increase in property values ​​in May.
Nevertheless, overall, Darwin remains the weakest country among all capital cities, with property values ​​falling 3.3% in the quarter ending in May. This has reduced the median housing price to less than $ 400,000. Since the beginning of the slowdown in mining activity, the value of properties has fallen by almost 30% as economic conditions remain unfavorable. In fact, Darwin's prices had not been as low since March 2017.
The economic accessibility of this market is however optimized. The activity of the first home buyers is on the rise because Darwin has become one of the most affordable cities in Australia. It also remains the capital with an average of 6% with the highest rental yields in the country.
Outside of Darwin, the most profitable quartile of the regional TN experienced a sharp 11.3% increase over the 12 months to May 2019. The value of the mid-priced properties increased by 1.9%. On the other hand, the most expensive regional pockets saw prices fall by 0.2%. This is a pretty healthy result compared to the results in the subway.
In terms of sales value, the suburbs of Humpty Doo and Moulden in Darwin distinguished themselves from the pack of the year until February 2019, with an increase in the total value of sales of 86, 7% and 88.6%, respectively.
On the other hand, the total value of sales in the regional suburb of Desert Springs was halved compared to the previous year.
"Overall sales [volumes] decreased by 37% for the March 2019 quarter. The main differences are in Inner Darwin, which declined by 28%, or 24 sales, and Darwin North Coastal, down 62%, or 30 sales. Alice Springs also recorded a 37% drop in unit sales volume, or 14 fewer sales, "said Quentin Kilian, general manager of the NT Real Estate Institute.
Nevertheless, the state's rental market is getting closer to units and vacant homes have declined significantly by 3% from the previous quarter in Palmerston.
SUBURB OF WATCH
MARRARA: Prices continue to fall
The suburb of Marrara continues to fall and real estate prices fall in double digits in June 2019.
This continues a significant negative trend since 2014, with median values ​​becoming lower. House prices fell to $ 512,088, while unit values ​​are now below $ 250,000. The rental market also suffered, with rental rates down 5.3% to $ 360 on average. Nevertheless, unit yields are high at 6.2% on average. At the same time, house rental rates remained stable, although yields were below 4.3%.
Marrara enjoys a convenient location near the Darwin International Airport.
Yield: Units offer high rental yields of 6.2% on average, increasing their appeal to investors
Location : Marrara is conveniently located near the Darwin International Airport
Top suburbs:
Hebersham
,
Penrith
,
Gladesville
,
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,
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