Arabic version: بائعو داروين يوازنون بين ارتفاع الأسعار ومخاطر الفائدة
According to ABC News, Darwin home owners and investors are increasingly listing properties as the city’s housing market continues to rise while much of the national market declines. Palmerston owner Lisa-Joy Cron, who bought her home in 2010 before Darwin’s property market crashed, said she was considering selling to take advantage of current conditions. She said she hoped the property could sell for at least $300,000 more than she paid for it.
Cotality head of research Gerard Burg said Darwin had the country’s “strongest property market” and was the only capital city where house prices were rising. In September, house prices increased 0.3 per cent and unit prices rose 0.8 per cent. He attributed the strength to limited supply and years of sluggish building activity, but said the market could be beginning to unwind as listings rise and buyer numbers fall.
Mr Burg said the number of properties for sale was about 60 per cent below average in mid-January and was now about 40 per cent below average, continuing to trend higher. He said demand in coming months remained uncertain, particularly if the Reserve Bank of Australia lifted interest rates in November. Such a move could affect Darwin and bring it closer to the broader national downturn, he said.
Real estate agent Kerri-Ann Laurence said listings had increased since January, though they remained historically low. She said many clients were relocating, moving for family reasons, upsizing or downsizing, with some downsizers seizing the opportunity. Ms Laurence also said interstate investors who had been buying greater Darwin properties quickly over the past year were easing as prices rose, but she expected further growth as projects, including Beetaloo gas, draw investment and workers.
Rental conditions remain tight. Darwin ranks third among capital cities for rental costs, behind Sydney and Perth, while median dwelling rents rose about 11.6 per cent year on year to September. The vacancy rate was about 1.9 per cent in Darwin and 1.4 per cent in Alice Springs, where new-home construction shortages add pressure for renters.
