Darwin tied with Canberra for top residential property growth.

NT News 3/12/2020
RAPHAELLA SAROUKOS

NEW monthly data shows Darwin is tied with Canberra for top residential property growth among the capital cities, and a local agent says this activity is nowhere near slowing down.

CoreLogic’s Hedonic Home Value Index for November revealed Darwin had a monthly combined dwelling value growth of 1.9 per cent, tied with Canberra for the largest rise of all the capital cities.

Darwin also led the quarterly combined dwelling value growth at 4.7 per cent, followed by Adelaide at 3.4 per cent. The data showed house values grew 1.6 per cent to a median of $490,881 and units by 2.4 per cent to a median of $286,475.

Raine & Horne Darwin sales consultant Adam Gulliford said many of his recent sales reflected this growth.

He recently sold 36 Whitington Circuit, Gunn, for about $440,000 in one day with multiple offers, after listing it about $435,000. He said if the house was for sale between January and March this year, he would have listed it for a mere $390,000.

“The person who bought this was a first homebuyer who needed finance,” he said. “He had a 10 per cent deposit gifted to him, he walked into a CBA branch in Palmerston and walked out with full finance in under two hours.

“The home went unconditional before the cooling-off period ended. It’s a good indication banks are on board and really doing everything they can to help people get loans.”

Mr Gulliford anticipated this growth would be sustained for “the next few years”.

“All the homeowners in Darwin have had five years of depressing appraisals on properties,” he said. “Now we’re able to give them better news."

Now is the time to find out what your Darwin property is worth. Give one of our property experts a call today, and turn curiosity into confidence.

08 8941 8941
[email protected].