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