What you need to know: market update

We’ve just received the latest Real Estate Local Market (RELM) report for the June quarter 2014 and we want to share two impressive highlights with you.

Highlight #1

For the first time in RELM history, units are outselling houses at 53 percent to 47 percent! This could be partly due to a growing desire for inner city living and partly due to the continuing under supply in the detached house market.

As an agency, we’re seeing a trend in buyers looking for compact yet functional apartments or townhouses within walking distance to amenities like shops and transport and close to schools and shopping centres.

Key figures for Darwin June quarter 2014:

• Darwin sales volumes up by 6.5 per cent
• Median price dropped off by 8 per cent; but when compared against the same time last year, medians for Darwin are up by 13.2 per cent
• Unit and townhouse sales for Darwin were very strong this quarter recording a 56.6 per cent increase in sales volume
• Prices for units in the city are quite steady against last year’s prices with only a 1 per cent increase when compared to this time last year.

Highlight #2

Palmerston recorded a very healthy 20 per cent jump in sales from the previous quarter!

After taking a big hit on sales volumes for both houses and units last quarter, the Palmerston market has rebounded to be the stand out performer in the Top End this quarter. 

Key figures for Palmerston June quarter 2014:

• House sales up by 20 percent
• Median house prices rose by 3.5 per cent or 6.5 percent when compared to this time last year
• Unit sales were also extremely strong with a jump of 29.5 per cent in the volumes
• However, median price for units came off by 11.2 per cent, but that is still up 5.5 per cent from this time last year.

If you are considering buying or selling in Darwin or Palmerston in the near future, talk to the professionals who have over 65 years’ combined experience in the Darwin market.

Give us a call today on (08) 8932 8858 to talk about your next step in the market, we would love to hear from you.