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Real Estate in Darwin Ahead of the Pack

March figures from the Australian Bureau of Statistics (ABS) have shown real estate in Darwin to be a strong player on the Australian property field.

Out of the eight capital cities, Darwin showed the highest percentage increase for the price index of established houses, with a growth of 1.9 per cent in the March quarter, compared to and national average of 0.1 per cent growth.

In the year to March 2013, Darwin also led the way with an increase in house prices of a full eight per cent, while the national average for the other capital cities was just a 2.6 per cent growth.

Confidence levels in the industry are on the rise too, with 49.8 per cent of those polled in a recent confidence survey saying that they believed that residential property prices would rise within the next year – up from 25 per cent in March 2012.

Commonwealth Bank helped to commission the survey, and their executive general manager, Kathy Cummings had this to say about the results:

"The property market is all about confidence and the survey confirms that good times are ahead, especially as interest rates continue to be at historic low levels, creating a situation where mortgage repayments are more affordable than rents in many areas."

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