Darwin’s median house and unit prices continue to rise in December Quarter
The Darwin property market finished 2020 strong with a rise in median prices and rents and a big jump in sales volumes for the December Quarter, according to new data from the Northern Territory’s peak real estate body.
SALES volumes in the Darwin property market increased more than 20 per cent in the December quarter, new data shows.
The Top End property market finished 2020 strong with a rise in median prices and rents and a big jump in sales volumes for the December quarter.
All jurisdictions, with the exception of Darwin North East, saw a rise in sales volumes with Katherine leading the pack with a rise of 73.7 per cent in volumes.
Inner Darwin jumped 54.5 per cent, Tennant Creek up 50 per cent and Alice Springs continued its sales growth with a jump in volumes of 36 per cent.
The Real Estate Institute of the NT (REINT)’s Real Estate Local Market (REALM) Report for the December Quarter shows in the Greater Darwin Area, the median price of houses or detached dwellings rose by 4.2 per cent, while the median price of units jumped by 6.7 per cent.
It takes the current median price of a house in Darwin is $500,000.
Median rents also increased in the Greater Darwin Area, by 6.9 per cent for houses and by 6.6 per cent for units.
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REINT chief executive Quentin Kilian said 2020 had been an extremely positive year for the Darwin real estate market.
“This quarter has wrapped up a robust year in real estate across the Territory,” he said.
“While it is far from the peaks of 2014, this has been the most positive year in over half a decade and bodes well for continued growth into 2021.”
Unit median prices continued to climb in Darwin and Alice Springs in the quarter. Darwin prices jumped 6.7 per cent in the December quarter, which is a rise of 4.9 per cent for the year, and takes the Darwin Unit median price to $320,000.
Alice Springs saw extremely strong growth in unit prices with a 19.5 per cent increase in the quarter taking it to 17.7 per cent growth for the year, and a median unit price of $358,500.
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This tightening in vacancies has put upward pressure on rents with an increase of 6.9 per cent on house rents for the quarter, up to $508 per week for a three-bedroom house and a similar 6.6 increase on unit rents for the quarter, taking the median rent for a 2 bedroom unit to $363.50 per week.
“For the year we have seen House rents in Darwin rise by 7.7 percent and Units up by 7.5 percent.” Mr Kilian said.
For the investor market, rental yields remained very strong.
House yields rose slightly to come in at 5.3 per cent and Unit yields remained at 5.9 per cent.