Market update: first quarter of the new financial year

We’ve just received the latest Real Estate Local Market (RELM) report published by the Real Estate Institute of Northern Territory for the September quarter 2014 and we want to share the results with you.

Overall for the Greater Darwin region, which encompasses Darwin, Northern Suburbs and Palmerston, we saw yet again an increase in volumes – up by 4.4 per cent from the June quarter – but a 1.7 percent decrease in the median price of houses, falling by $10,000 to $610,000.

The standout figure from the report came from the unit and townhouse sales market – volumes rose a whopping 42.8 per cent in inner Darwin! That’s a total of 407 units and townhouses sold in the first quarter of the new financial year.

Last quarter we saw units over take houses at 53 per cent to 47 per cent which is representative of the growing desire for inner city living close to amenities such as shops, restaurants and leisure facilities.

These figures clearly invalidate the wide spread speculation that there would be an oversupply and a crash in the unit market, both here and in other capital cities.

Darwin city area saw an increase in sales volumes, up a substantial 12.1 per cent for the quarter and 8.8 per cent when compared to the same time last year. While inner Darwin house medians dropped by 8.1 per cent to $790,000, inner Darwin unit medians moved up again to $538,650, an increase of 2.6 per cent for the quarter.

Standout suburbs

The standout suburb for Darwin and Northern Suburbs houses was Lyons achieving 28 sales with an outstanding quarterly change of 366.7 per cent and an annual change of 833.3 per cent – the top achiever from the entire RELM report.

The standout suburb for Darwin and Northern Suburbs units and townhouses (apart from Darwin City at 207 sales) was Parap accomplishing 123 sales and a quarterly change of 284.4 per cent, and a yearly change of 272.7 per cent.

The standout suburb for Palmerston houses was Bellamack landing 19 sales with a quarterly change of 46.2 per cent and a yearly change of 90.0 per cent.

The standout suburb for Palmerston units and townhouses was Driver totalling 12 sales with a quarterly change of 200 per cent and a yearly change of 50.0 per cent.

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If you’d like to know more, or 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.