7. Ray White Now | JULY 2021 | Page 28

NORTHERN TERRITORY NORTHERN

DARWIN NOW STRONGEST FOR PRICE AND RENTAL GROWTH
It has been a tough seven years for Darwin when house prices peaked and the mining boom began to wind down . Over the past 12 months conditions have really turned around and the city has gone from being one of the worst performers , where it was hard to find any positive property news , to top performer . Darwin now has the strongest price and rental growth of any capital city . Prices are still 10 per cent below the May 2014 peak but they have surged 20 per cent over the pandemic . It ’ s likely that over the next 12 months , we will be back to those peak conditions .
There have been a number of factors driving this strong performance . A general uplift in mining conditions has been a big one , as has major project announcements such as the $ 5 billion Barossa Gas Project . The Northern Territory government has also provided generous incentives to not just first home buyers but those who already own homes . There has also been a re-discovery of Australia ’ s most northern city with net positive migration into the state over the past 12 months , more than five years since this has happened .
Across the rest of the Northern Territory , price growth is positive except for Katherine where they have declined slightly . No areas are however recording rental falls .
NORTHERN TERRITORY LOCAL GOVERNMENT AREAS 12 months to May 2021
SUBURB
MEDIAN PRICE
% CHANGE
MEDIAN RENT
% CHANGE
Palmerston ( C )
$ 460,000
10.8 %
$ 460
4.5 %
Darwin ( C )
$ 532,500
8.7 %
$ 520
6.1 %
Litchfield ( M )
$ 600,000
7.1 %
$ 480
0.0 %
Alice Springs ( T )
$ 460,000
3.4 %
$ 530
1.9 %
Katherine ( T )
$ 325,000
-1.5%
$ 470
4.4 %
Source : Corelogic , Ray White
28