Darwin's residential market appears to be moving in a positive direction that few people predicted a year ago. Will this robust growth be sustained this year?
The capital of the Northern Territory recorded the largest increase in median prices in February, reaching 13.5%, according to the latest figures from CoreLogic. Despite this growth, it remains the most affordable market in the capital, with its median price hitting just $ 438,000.
Terry Roth, manager of Herron Todd White, said the Northern Territory was a "safe haven" for property buyers.
"This has resulted in an influx of people to the point where vacancy rates have declined. However, once the southern states return to being a safe and stable place to live, we wait to see if the prospects for Long-term jobs are strong enough to support their lives in the high end, ”he says.
The first-time homebuyer segment has been an active driver of demand in the state and in the city. Roth said state and federal government intervention to stimulate housing market activity has changed market sentiment, especially among early-stage buyers.
“As a result of these housing and land lot subsidies, coupled with the early homeowner subsidies, we saw the development of outer suburbs like Muirhead, Berrimah and Zuccoli. This level of demand was hard to see. 12 months ago. ”he said.
However, interest in the segment may slow when these support regimes end and available stock becomes limited.
"Despite a favorable interest rate environment, the growth spurt to the end of 2020 may not be sustained as there are no plans for future growth. Large-scale infrastructure in the Northern Territory in the short term to maintain current levels of housing demand, "said Roth.
Top suburbs:
nightcliff
,
bendigo
,
Westbrook
,
Torrensville
,
Rockville
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