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Financial Year Ends on a High for the Northern Territory Property Market
August 24, 2012
Over the past few quarters we have seen positive results for Northern Territory’s property market, and the trend has continued this quarter as revealed by the recent release of the Real Estate Institute of Northern Territory’s Real Estate Analysis report. The December quarter of 2011 saw quite a dramatic turn-around with a 22 per cent increase in sales volume, which was then followed in the March 2012 quarter by a 6 per cent jump in the median price.
At the end of this financial year, sales volumes for the Greater Darwin Region (which are recorded as Darwin), the northern suburbs and Palmerston, recorded the sale of 2,228 dwellings. This figure is up from 1,881 from the end of the 2010/11 financial year, representing a lift of 18.4%.
Also, across the entire Northern Territory, total sales of $1.48 billion were recorded, which is up 7.9 per cent from 2010/11. It’s great to see the Northern Territory over the billion dollar mark in sales again this year, but this figure is still 21 per cent below the peak of 2008/09, when a total of $1.87 billion in sales was recorded.
Sales volumes on the rise in Darwin
The median price for houses across Greater Darwin reached $570,000 this quarter, which is up 3.6 per cent over the quarter, and 10.7% on the same time last year. Equally, the unit/townhouse median was up 4.8 per cent on the last quarter at $435,000.
Interestingly, the unit/townhouse sales volume increased over the quarter by a sizeable 19 per cent. In comparison to the same time last year, the volume if unit/townhouse sales was up a whopping 65.5 per cent. The bulk of this is in inner Darwin, with an increase in volume of 42.4 per cent over the quarter and 112.9 per cent year on year.
A tough quarter for Alice Springs and Katherine
Alice Springs has had a tough quarter, however sales are continuing. House sales fells by 16.5 per cent for the quarter, but the median price was up by 2.6 per cent. The unit/townhouse market in Alice Springs showed an increase in sales of 2.7 per cent for the quarter but it is still down by 25 per cent when compared to the same time last year.
Katherine showed declines in both house sales volumes and median price. The volume dropped 14.8 per cent over the quarter and 17.9 over the year. The median price fell by 1.5 per cent over the quarter and 7.7 per cent over the year to $325,000.