There has been a significant rebound in value for property in Darwin, as a recovery in the national market gets underway.
This is according to RP Data's Tim Lawless, who explained that improvements have been seen in the market since the end of May last year.
Since that time, dwelling values throughout the combined capital cities index increased by 4.7 per cent until the end of March 2013 – but Darwin proved to be a standout performer.
The capital of the Northern Territory has seen a 13.9 per cent rise in dwelling values – the next closest increase was seen in Perth, where a rise of 9.4 per cent was recorded.
Mr Lawless explained that growth rates in Darwin are starting to level off, although rental costs continue on their upward trajectory, escalating by nearly 15 per cent over the past year alone.
This indicates that yields will continue to move higher, which as a result could drive further value growth on the back of demand from investors.
The February 2013 Housing Market Report from Australian Property Investor recently predicted that 2013 could be a strong year for Darwin property, especially in an environment with low interest rates and a thriving economy.
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