The Darwin
property market was one of the strongest performers
nationally through 2009. Overall housing prices increased
by 13.4 per cent, reaching a median of $510,000, while
units surged an amazing 26.3 per cent, with the median
price being $376,000.
The Northern Territory did feel some impact through
the downturn. However, construction is the major
driver of their economy, particularly the resource-linked
projects, and there are some very significant projects
in the investment pipeline. This has served to stimulate
employment, and according to ANZ’s Australian Property Outlook,
the unemployment rate is only 3.5 per cent, which is
close to full employment.
In terms of property investment in Darwin, the key
driver of continued growth in the property market and
in the value of homes and rentals is jobs. The projects
underway and planned are significant, and will continue
to attract migrants to the area. This strong Darwin
property cycle has been a continuous upward climb since
2002, and prices have doubled since 2006. However,
although growth is expected to remain strong, it is
widely tipped that the rate of increase will slow towards
the end of 2010, as new affordable land developments
released by the government take effect. Darwin property
investors have done exceptionally well in the past
number of years, and the trend looks set to continue.
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