Darwin Blog

Key points

& Commentary that the Darwin real estate market is clocking into a downswing is wide of the mark.
& Darwin CBD apartments have jumped 25% in value in 12 months.
& According to Raine & Horne Darwin, some Darwin apartments’ value increased by 5% in August 2022.

Darwin NT (22 August 2022)

The Darwin real estate market is continuing to clock up excellent levels of capital growth as yield-hungry southern state investors are attracted by Australia’s northernmost capital’s real estate affordability and generous 6% yields.

“Predictions at the beginning of August that the Darwin real estate is following the southern capital cities into a market correction are wide of the markⁱ,” said Glenn Grantham, General Manager, Raine Horne Darwin. “We have a strong presence here in Darwin, and our agents are reporting that whether it’s an apartment in the CBD or a three-bedroom house in the northern suburbs, there is plenty of demand from local buyers and interstate investors.“

The report claims that Darwin property clock is at a few minutes past midnight, which means the
market is in a downswing.

“Instead, our agents believe the market is closer to 10 pm on the clock, indicating the city’s property market is still on an upswing with more growth in values to come.”

CBD apartments are selling fast and for more

Two-bedroom apartments in a residential tower at 5 Cardona Courtⁱⁱ, for example, demonstrate the
strength of the Darwin apartment CBD market, Mr Grantham notes.

“We just sold a two-bedroom, two-bathroom apartment in this block for a price in the mid-$400,000s in the third week of August.

“A couple of weeks ago, in the first week of August, we sold a similar apartment in the same building for $425,000, demonstrating values are increasing rather than slowing.

“This time last year, we struggled to sell similar inner city two-bedroom apartments for $350,000.” Mr Grantham continued, “Right now, we have southern state investors snapping up these CBD apartments as they are affordable compared to the million-dollar price tags in Melbourne and Sydney. They can also generate yields closer to 6%.

“Very few of these savvy interstate investors are buying because they believe the Darwin market has peaked and is at 10 minutes past midnight.

“Our feedback is that they believe Darwin is closer to 10 pm on the property clock.”

For all your real estate sales and property management needs in Darwin, and Palmerston or
to find out about the auction process, contact Raine & Horne Darwin on 08 8941 8941.

For further media information contact:

Glenn Grantham, General Manager, Raine & Horne Darwin on 0418 803 222
Olivia Rowe, Content & Communications Executive, Raine & Horne Group on 0432 113 569

ⁱ https://www.smh.com.au/property/news/tick-tock-property-clocks-show-where-the-housingmarket-downturn-is-deepest-20220803-p5b6w5.html
ⁱⁱ https://www.raineandhorne.com.au/darwin/properties/54-5-cardona-court-darwin-city-0800-
northern-territory