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Strong Rise in Price of Property in Darwin

There has been a notable increase in the median price of property in Darwin, the latest data from Australian Property Monitors (APM) shows.

This has mainly been driven by the number of workers flocking to the area for jobs in the resources sector, which led the average house price in Darwin to increase 1.8 per cent in the March quarter.

Over the course of the past 12 months, Darwin house prices have increased 5.4 per cent, making it the best performing city out of all the state capitals.

Unit prices also experienced a rise during this period, hitting record levels in the Northern Territory's capital.

APM believes that these positive results will continue for the remainder of 2013, especially as buyers take advantage of a low interest rate environment and improved levels of confidence in the property market.

However, the group emphasised that much of this success will hinge on the success of the national and local economies – although for the time being, the outlook is largely optimistic.

The property sector will no doubt be eagerly anticipating the Reserve Bank of Australia's next cash rate decision, which will be delivered on May 7.

The cash rate has remained at three per cent since December 2012.

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