For the past few months our political leaders have been trumpeting that they have lowered house prices. Until this quarter that is not entirely true as the median price has remained over $600,000 since September Quarter 2013, with the one exception being a single quarter in December 2014. This quarter we have seen the median price fall by 4.3% to $582,500, which is equivalent to that median price in December 2014.
But this fall in median price has come at much bigger cost to the housing market right across the Territory, driven intrinsically by the removal, in January 2015, of any and all incentives for First Home Buyers in the existing home market. That cost is house sales volumes at the lowest quarterly levels since the REINT started its RELM records in 1999. And sales volumes have dropped every quarter since March 2015 including a further 13% drop this quarter.
Palmerston saw house sales volumes drop by a further 22% this quarter, which is 45% less than the March 2015 Quarter. Again this quarter presented us with the lowest quarterly sales volumes on record for Palmerston houses.
Alice Springs was not immune to the strong downward pressure on sales volumes either, dropping by a further 31% this quarter, which is 43% lower than at the same me last year. At just 42 sales for the quarter this is also the lowest quarterly house sales volume on record (since 1999) for Alice Springs says REINT CEO Quentin Killian.
However we have compiled a range of suburbs that have dominated the list of most sought-after areas in Darwin for home buyers.
Data shows the most in demand suburbs in Darwin between September 2015 and April 2016. Listed as suburb and median price.
1. Leanyer $588,000 1. Coconut Grove $440,000
2. Malak $543,000 2. Parap $545,000
3. Driver $490,000 3. Bayview $695,000
4. Howard Springs $705,000 4. Rapid Creek $475,000
5. Muirhead $738,000 5. Bakewell $342,000
6. Karama $520,000 6. Nightcliff $563,000
7. Lyons $790,000 7. Rosebery $450,000
8. Gray $440,000 8. Stuart Park $509,000
9. Bakewell $520,000 9. The Gap $310,000
10. East Side $513,000 10. Larrakeyah $507,000
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