It’s the end of another financial year and to say 2010/11 was a tough year for the real estate profession would be an understatement!
Sales volumes for the Territory were down 22 percent on house sales and 31 percent on units / townhouses from the previous year. For ‘Overall Darwin’, which includes inner Darwin, Northern Suburbs and Palmerston, volumes were down 27 percent on house sales and 32 percent on units / townhouses.
Given its relatively small population, the Northern Territory has not been renowned for having a multitude of million dollar suburbs. However over the past few years, the number of million dollar plus sales has pushed 2 suburbs into the million dollar plus segment, and a further few on the cusp.
Current market trends
Whilst property prices around Australia have been sluggish, we in the Northern Territory have not seen the level of decline as seen in some of Australia’s capital cities. Based on the recent Q1 median figures released by the Real Estate Institute of Northern Territory, Darwin’s median house price declined by a mere 1.7% to $550,000, whilst Alice Springs saw a slightly higher decline of 2.2% to $455,000.
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March 21, 2012
Northern Territory market leaves tough times behind in 2012
With the New Year well and truly under way, the slow paced property market
of 2011 is a distant memory for many in the Territory. The Real Estate Institute of Northern Territory (REINT) has released its data for the December 2011 quarter, which supports a likely resurgence for the Darwin and Alice Springs property market this year.
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