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Real Estate in Darwin ‘Bucks National Trend’

Real estate in Darwin bucked a national downward trend in property prices last month, according to new research.

The RP Data-Rismark Hedonic House Value Index showed property in Darwin experienced a 0.2 per cent bump to a median price of $475,000, with Adelaide the only other capital city to see growth.

The results helped Darwin build on its performances over the last year, with quarterly and annual growth hitting five per cent and 5.9 per cent respectively.

Both the quarter-on-quarter and yearly rates outpaced the rest of the country, making Darwin the best performing city in the nation over the last year in percentage terms.

Total gross returns for people investing in the city's property sector were 12.4 per cent in April, which was also higher than any other Australian capital.

Apartments in Darwin benefited from the highest gross rental yields, climbing 6.1 per cent.

Tim Lawless, RP Data research director, admitted that his organisation was not expecting the high rates of growth seen in the first three months of 2013 to continue indefinitely.

"A more measured pace of growth is a much more realistic outcome for the Australian housing market, especially considering that the first quarter is typically the strongest for value growth," he explained.

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