DARWIN'S REAL ESTATE VALUES BEST IN NATION

- DARWIN’S residential dwelling values recorded the highest monthly growth in April across Australia, according to a new report. 

CoreLogic’s Home Value Index report showed Darwin had a 1.7 per cent increase in combined dwelling values in April to $402,225, the highest increase in the country. 

Sydney and Adelaide followed with increases of 0.4 per cent each. 

“Despite the weakening in housing market conditions, some cities have outperformed the six-month average pace of change,” the report read. 

“( Perth, Adelaide and Darwin ) outperformed their sixmonth average pace of growth in April, demonstrating some resilience to weaker conditions .” 

In 2019, CoreLogic recorded Darwin had a 1.2 per cent fall in combined dwelling values, the biggest drop in the country. 

Real Estate Central sales professional and auctioneer Daniel Harris said the report highlighted the resilience of Darwin’s property market. 

“Darwin outperformed all capital city housing markets in Australia during the GFC,” he said. 

“It won’t surprise me at all if we see similar during the COVID-19 pandemic. Our property market has proven to be quite resilient in times of global turmoil. 

“The Darwin market is now clearly showing steady signs of a recovery. We now have interstaters considering investing here again and with shortage of houses on the market relative to demand, I’d expect that trend to continue.” 

Raine & Horne general manager Glenn Grantham said the figures showed Darwin’s residential property market was in a more fortunate position compared to cities such as Melbourne and Sydney . 

“One of the reasons why you can demonstrate that resilience is the fact you are starting from a lower base,” he said. “We’d already been through the bust cycle and we were starting to come out the other side … 

“I do anticipate that Darwin will recover and continue on its merry way once this is all over.” 

NT News - Raphaella Saroukos - @raphsaroukos
 

For more information on what the market is doing, watch GM, Glenn Grantham's, review of March and April 2020 HERE.