Darwin – prices have now peaked as the city records its first $ 1 million suburb
Darwin ’ s house prices increased by almost 29 per cent through the pandemic , peaking at $ 605,000 in June 2022 . As we predicted , this level exceeded the Inpex-era peak in April 2015 but only narrowly by $ 5,000 . And for now , it looks like prices will start to come back . Like the rest of Australia , rapid rises in the cost of living and interest rates are likely to cut into household budgets . And part of that impact will be less spent on housing .
From the start of the pandemic to the peak of the market , Darwin had a very strong run after a prolonged period of price declines . House prices increased by just under 29 per cent , while units increased at a stronger rate of 43 per cent . For the first time , Darwin has a $ 1 million suburb with Fannie Bay , one of the city ’ s most desirable suburbs , just hitting this level .
While prices have had a good run , rental growth has been far stronger . Rents are yet to peak but have risen by 35 per cent for houses and 32 per cent for units . Although this is strong growth , they ’ re yet to hit levels seen mid last decade . With international migration starting up again and rising construction costs , this may happen over the next 12 months .
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