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Party Not Over ‘for Property in Darwin’

Property in Darwin is enjoying an upsurge in performance, and recent statistics reveal the market shows no signs of abating anytime soon.

Data from SQM Research found that units and apartments in Darwin experienced a 2.3 per cent lift in value in April, although asking prices for houses slipped – dropping 0.8 per cent.

The organisation said that despite the "slight pull back" on houses, this comes off the back of a series of rapid rises since last year, which saw properties on the market jump by approximately $100,000 on average.

"One senses that this cannot continue for much longer yet there is nothing in our stock on market series or vacancy rates to suggest the party in Darwin is over yet," it said.

The figures were in line with results released by RP Data and Rismark earlier this month, with the companies' Hedonic House Value Index finding that real estate in Darwin was one of the few property markets to buck the overall trend of declining prices in April. 

According to SQM, the national market also improved, with last month seeing a 0.5 per cent bump in house prices and a 0.9 per cent rise for units.

Year on year there was a 1.9 per cent and 2.6 per cent increase for the two dwelling types respectively.

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