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Darwin Sees Increase in Average House Prices

The average house price in Darwin rose during the March quarter, according to information from the Real Estate Institute of Australia (REIA).

The news is likely to be encouraging for anyone looking to sell real estate in Darwin, although average house prices across other parts of Australia didn’t fare so well.

The Bendigo Bank/REIA Real Estate Market Facts report shows that over the March quarter, the Australian weighted average median house price for the eight capital cities fell to $534,015 – a decline of 0.2 per cent.

The median house price in Brisbane fell by 2.3 per cent to $430,000, while Melbourne fell by 0.9 per cent and Canberra dropped down by 8.7 per cent.

However, Darwin, Perth and Sydney bucked the trend and actually saw increases in their median house prices during the quarter.

In fact, with a rise of 7.6 per cent, Darwin has recorded the biggest jump in median house prices for the year – great news for those currently looking to sell their property in Darwin.

Darwin also saw the largest increase in median rents for dwellings other than houses, up by 18 per cent – followed by Perth with an increase of 12.5 per cent.

Article By Korgan Hucent

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